Zinc8 Energy Solutions has secured C$15 million ($11.8 million) in equity financing to help to commercialise its zinc-air flow battery for large-scale electricity storage.
The Canadian company closed its largest equity raise to date with private placement led by Raymond James and Haywood securities. The company is issuing 28,750,000 common shares at C$0.54 per share.
The company, which has a demonstration plant in Surrey, Vancouver, plans to begin production in early 2022.
In 2020 Zinc8 signed a deal to supply the New York Power Authority with a 100kW/1MWh battery.
In the Zinc8 system, electricity from the grid or renewables flows into the front end of the system to generate zinc particles, which are then stored in a tank filled with a liquid electrolyte. When power is needed, the stored zinc particles are delivered through a fuel cell to generate a flow of electrons and produce zinc oxide, which is then recycled back into the front end.
MacDonald said that 60% to 70% of the cost of a vanadium flow battery is the vanadium, for zinc, it’s about 8%.
Flow batteries have been hailed as a long-duration storage solution for intermittent renewable energy because they can be easily scaled up