Nickel-zinc battery developer Zaf Energy Systems announced on 28 April it had completed a capital raise including a $22 million Series A funding round.
The Missouri, US, firm will use the cash to accelerate the commercialisation and adoption of its nickel-zinc (NiZn) technology and expand its manufacturing capacity.
The funding will also enable Zaf to accelerate licensing and joint venture negotiations and to commercialise its batteries with both domestic and international strategic partners.
Investors including Élevage Capital Management, Catalus Capital, Holt Ventures, and Coventry Asset Management.
The company markets its technology for applications including: large-scale data storage, telecommunications, healthcare, and commercial trucking industries.
Zaf is also currently working with three segments of the US Department of the Defense on energy storage solutions.