E-Zinc Receives $25 Million Financing for Long Duration Energy Storage System

(Credit: E-Zinc)

Toronto-based energy storage company E-Zinc has raised $25 million in financing to produce its first commercial systems.

The company creates long duration energy storage in zinc metal and will use the funding for a pilot program for its systems. E-Zinc says it recently validated its zinc-air battery, which can discharge energy for several days compared to only a few hours with other battery types.

The system can be paired with renewable energy generation to replace fossil fuels in remote or off-grid platforms, E-Zinc says. The company says it aims to replace diesel generators as low-emission alternatives for half-day to five-day backup power sources.

E-Zinc first started raising money for its energy storage system in 2020 and says it has hit several technical milestones, including demonstrating how the system pairs with solar and grid generation. This round of Series A financing is led by Anzu Partners with additional funding from BDC Capital, Toyota Ventures and Eni Next, with existing investors including Energy Foundry also participating.

Energy storage is a growing piece of clean and reliable storage transitions and installations are expected to surge over the next decade. Systems are popping up across the United States, such as large projects in California and Texas.

Long duration energy storage is also expected to play a significant role in reducing carbon emissions. The Long Duration Energy Storage Council formed out of last year’s COP26 and has 36 international members.

The organization says 140 terawatt hours of long duration energy storage needs to be installed by 2040 in order for the grid to reach net zero. The Department of Energy has a program designed to reduce the costs of energy storage systems that provide 10 or more hours of energy by 90% by within the next decade.

E-Zinc says Toyota Ventures will help with manufacturing and supply chain efforts and energy company Eni will help with access to renewable energy assets where the system can potentially be deployed. Anzu Partners and BDC Capital will help provide technical, investment and operational services in developing business plans and commercializing the technology, E-Zinc says.

Other efforts from E-Zinc include partnering with the California Energy Commission to show how its battery system can add resiliency to businesses from long-term outages which could be cause by natural occurrences such as wildfires or floods. That program is part of a $1.3 million grant and will include a 40 kilowatt system with 24 to 48 hours worth of duration, according to Greentech Media.

E-Zinc says its energy storage system can operate in any climate and is made from a number of recyclable materials.