e-Zinc, a Toronto-based energy storage innovator, has raised $2.3 million in a closed round led by BDC Capital’s Cleantech Practice.
“Markets like California, New York, and many others have made commitments to be 100% renewable in 15-20 years from now. This necessitates energy storage technologies with durations of multiple days, as opposed to batteries which are only capable of multiple hours. e-Zinc’s solution is a critical component to achieve our dreams of a carbon-free energy grid,” said James Larsen, CEO of e-Zinc. “BDC’s investment and team will help accelerate the commercialization of our energy storage solution, allowing us to successfully deploy our company’s first pilot projects.”
“We are excited to support e-Zinc – a winner of Breakthrough Energy Solutions Canada – to commercialize its novel technology for cost-effective, long-duration energy storage and help decarbonize the world’s energy markets” said Jérôme Nycz, Executive Vice President, BDC Capital.
Earlier e-Zinc successfully raised an equity round of $3.5 million in January 2020, led by Energy Foundry, and also secured $6.5 million in non-dilutive grant funding, including a $1.6 million investment from Natural Resources Canada’s (NRCan) Breakthrough Energy Solutions Canada. The company intends to deploy its first in-field system in May 2021 at their facility in Stratford, Ontario. This project is financially supported by Sustainable Development Technology Canada and NRCan.