The third round of investment in the nickel zinc battery cell startup was led by 40 North Ventures, with managing director Marc van den Berg joining ZincFive's board of directors. The deal brings the total funding to $40m.
ZincFive's patented nickel zinc battery technology offers significant advantages over traditional battery chemistries with low maintenance, long operating life and wide operating temperature range. ZincFive's batteries were recently tested by UL for thermal runaway according to the UL9540A Test Method at the cell level. The company's nickel-zinc batteries did not exhibit thermal runaway in any of the five arduous and destructive test types that comprise the test method, thereby achieving a breakthrough in battery safety at the cell level.
More than 150 departments of transportation across North America have now deployed ZincFive's nickel-zinc uninterruptible power solutions in harsh outdoor environments, with data from more than 15 million battery operational hours in the field.
"Our customers are thrilled with our nickel-zinc batteries and solutions delivering higher performance without forcing them to compromise on safety and the environment," said ZincFive CEO and Co-founder, Tim Hysell. "The opportunity to partner with 40 North Ventures provides the capital and strategic relationships to bring nickel-zinc batteries into new global growth segments."
The funding also accelerates ZincFive's penetration into existing markets including mission critical applications in data centers and intelligent transportation as well as providing the growth capital to enter new high-power energy segments and geographies. In addition to investments in channel and product development, the funding will accelerate the build-out of annual production capacity to meet expected customer demand. The company plans include strengthening supply chain integrity for customers with separately located production capacity.
"ZincFive's nickel-zinc battery technology makes it exactly the kind of company that is at the core of 40 North Ventures' investment thesis: to drive growth in high-potential companies in the industrials sector that solve meaningful real-world problems with sustainability in mind," said van den Berg at 40 North Ventures.
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