e-Zinc Raises $2.3 Mn to Accelerate Commercialization of its Energy Storage Tech
- e-Zinc, a Toronto-based power storage innovator, revealed today it has actually increased $2.3 million in a closed round led by BDC Capital's Cleantech Practice.
e-Zinc has actually developed an innovation technology for grid-scale power storage that stores power in physically-free zinc steel. By decoupling power and also energy, the company ranges power capacity at a fraction of the price of lithium-ion batteries, making it possible for the innovation to economically provide power over a duration of numerous days. This low-cost, flexible, as well as long-duration power storage option will allow the world's energy markets to be fully powered by renewable resource.
" Markets like California, New York, and also many others have made dedications to be 100% eco-friendly in 15-20 years from now. This requires energy storage modern technologies with durations of multiple days, in contrast to batteries which are only capable of numerous hrs. e-Zinc's solution is an important element to achieve our desire for a carbon-free energy grid," claimed James Larsen, CEO of e-Zinc. "BDC's financial investment and team will assist increase the commercialization of our energy storage space solution, enabling us to efficiently deploy our firm's first pilot projects."
"Breakthrough Energy Solutions Canada combines the public and also private sectors to develop Canada's tidy power future. e-Zinc's power storage space innovation is an example of how technology will get us to net-zero by 2050," claimed the Honourable Seamus O'Regan, Canada's Minister of Natural Resources.
"We are excited to support e-Zinc-- a champion of Breakthrough Energy Solutions Canada-- to commercialize its novel modern technology for cost-effective, long-duration power storage and assistance decarbonize the world's energy markets" stated Jérôme Nycz, Executive Vice President, BDC Capital.
This funding finishes a year in which e-Zinc effectively elevated an equity round of $3.5 million in January, led by Energy Foundry, as well as likewise protected $6.5 million in non-dilutive give financing, including a $1.6 million investment from NRCan's Breakthrough Energy Solutions Canada. The business plans to deploy its first in-field system in May 2021 with Faromor at their facility in Stratford, Ontario. This project is monetarily sustained by Sustainable Development Technology Canada (SDTC) as well as NRCan.