US nickel-zinc technology company ZincFive has secured a further $11 million in funding to expand its battery storage business.
The Oregon-based company— which also has battery operations in Shenzhen, China— said the financial shot in the arm from existing shareholders paves the way for an “aggressive expansion” of its business including battery manufacturing.
The Series B raise takes ZincFive’s total funding since inception to $14m, the company said.
ZincFive said its products include patent-protected nickel-zinc batteries and associated battery management systems that are used in smart transportations systems in the US and in Canada. The company said its products are “rapidly gaining acceptance in markets where superior power and performance make nickel-zinc the preferred alternative to lead-acid and lithium-ion battery chemistries”.