Toronto-based developer e-Zinc, specializing in long-duration energy storage technology, has successfully raised USD 31 million (EUR 29m) in funding aimed at accelerating product development and completing the construction of its pilot manufacturing facility in Mississauga, Ontario. This funding round, announced today, builds upon the company's previous USD 25 million Series A round completed in 2022.
Leading the investment is Evok Innovations, with participation from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners. Existing shareholders, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures, also contributed to the funding.
According to e-Zinc CEO James Larsen, “With this new investment, we are well positioned to transition to a production-oriented stage and focus on our operational excellence.” Larsen further emphasized, “Following the upcoming pilot demonstrations and the validation of our manufacturing processes, we will have proven the advantages of our innovative energy storage solution and the infrastructure needed to bring our proprietary technology to market at commercial scale.”
The funding will also support field demonstration projects in collaboration with Toyota Tsusho Canada Inc and the California Energy Commission, underscoring e-Zinc's commitment to advancing sustainable energy solutions through its pioneering zinc-based storage technology.
