e-Zn Inc. has closed a $3.4 million oversubscribed seed round of financing led by Energy Foundry with participation from MaRS Investment Accelerator Fund, Sustainable Chemistry Alliance, Emeraude Capital of France, and others.
Energy Foundry is a non-profit ever-green impact venture capital fund created by Illinois government.
Founded in 2012, e-Zn is a Toronto based company that has developed a breakthrough electrochemical technology, the Zn Reactor, for storing energy in zinc metal. e-Zn’s unique Zn Reactor Technology turns electricity into physically free zinc material. The metal can be flexibly and inexpensively contained for large scale storage of energy, at a capital cost 1/10th that of lithium-ion batteries.
photo credit: e-Zn
e-Zn raises $3.4 million led by Energy Foundry to bring breakthrough energy storage technology to market
Grid-scale energy storage leverages low-cost zinc metal to deliver long-duration solution at low-cost.
TORONTO (PRWEB) JANUARY 09, 2020
e-Zn, a Toronto-based energy storage innovator, announced today it has raised $3.4 million in an oversubscribed seed round led by Energy Foundry with participation from MaRS Investment Accelerator Fund, Sustainable Chemistry Alliance and Emeraude Capital.
e-Zn has developed a breakthrough technology for grid-scale energy storage, which leverages low-cost zinc metal, and delivers multiple days’ worth of storage with the ability to scale energy capacity at a capital cost 1/10th that of lithium ion batteries. This low-cost, flexible and long-duration energy storage solution will enable the world’s energy markets to be fully powered by renewable energy.
“e-Zn’s affordable long-duration solution is the missing link for critical resiliency applications, from integration of renewables in remote or off-grid locations to providing utility non-wire alternatives,” said James Larsen, CEO of e-Zn. “This investment, coupled with the experience and expertise of our partners, will help us bring our energy storage solution to market and validate our technology in the field.”
“We assess over 750 different energy technologies annually, and the novelty of e-Zn’s technology and corresponding cost position made this a stand-out investment opportunity” said Sara Chamberlain, Managing Director at Energy Foundry, a Chicago-based venture fund.
“Renewable energy is becoming increasingly important to our energy future and e-Zn’s technology positions it well to succeed in the coming years,” said Lance Laking, Senior Investment Director, MaRS Investment Accelerator Fund. “Our view is that generation and distribution technologies have matured, yet storage solutions haven’t kept up. This is where e-Zn has the ability and advantage to deliver real innovation.”
The financing comes shortly after e-Zn completed a demonstration project funded by Sustainable Technology Development Canada. Both milestones will enable the company to commercialize its technology and begin deploying systems in-field with commercial customers.
To learn more about e-Zn, please visit http://www.e-Zn.com.
Founded in 2012, e-Zn is a Toronto-based company with a game-changing long-duration energy storage technology. The company’s zinc-based energy storage system can be up to 80 percent less expensive than comparable lithium-ion systems for long-duration applications. Importantly, its energy storage system can operate in temperatures ranging from -30°C to 60°C, is made of abundant and recyclable materials, and is completely safe. e-Zn is targeting the remote and resiliency markets, with a focus on remote communities, mining operations, telecommunications, military bases, data centres, island nations, EV charging stations, non-wire alternatives (NWA), and more. http://www.e-Zn.com.
About Energy Foundry
Energy Foundry, a Chicago-based venture capital platform, invests in today’s most promising energy innovators, and works with the world’s leading energy companies to build and scale new ventures. Their approach merges venture capital with the perks of partnership and includes an arsenal of essential tools and relationships to help bring great ideas to market. http://www.energyfoundry.com
About MaRS Investment Accelerator Fund
MaRS Investment Accelerator Fund (IAF) is an early stage venture capital firm based in Toronto. Since 2008, we have partnered with over 150 companies built by extraordinary founders. For more information, please visit http://www.marsiaf.com.