TORONTO, Jan. 18, 2021 /PRNewswire/ - e-Zinc, a Toronto-based energy storage innovator, announced today it has raised $2.3 million in a closed round led by BDC Capital's Cleantech Practice.
e-Zinc has developed a breakthrough technology for grid-scale energy storage that stores energy in physically-free zinc metal. By decoupling power and energy, the company scales energy capacity at a fraction of the cost of lithium-ion batteries, enabling the technology to economically deliver energy over a period of multiple days. This low-cost, flexible, and long-duration energy storage solution will enable the world's energy markets to be fully powered by renewable energy.
"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."
"Breakthrough Energy Solutions Canada brings together the public and private sectors to build Canada's clean energy future. e-Zinc's energy storage technology is an example of how innovation will get us to net-zero by 2050," said the Honourable Seamus O'Regan, Canada's Minister of Natural Resources.
"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.
This financing completes a year in which e-Zinc successfully raised an equity round of $3.5 million in January, led by Energy Foundry, and also secured $6.5 million in non-dilutive grant funding, including a $1.6 million investment from NRCan's Breakthrough Energy Solutions Canada. The company intends to deploy its first in-field system in May 2021 with Faromor at their facility in Stratford, Ontario. This project is financially supported by Sustainable Development Technology Canada (SDTC) and NRCan.
About e-Zinc Founded in 2012, e-Zinc 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 per cent 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.
About BDC Capital BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
About Breakthrough Energy Solutions Canada Breakthrough Energy Solutions Canada (BESC) aims to support Canadian entrepreneurs and firms to enhance the pace and scale the adoption of clean energy technologies to help significantly reduce global GHG emissions from manufacturing, electricity, transportation and buildings. BESC is an initiative under the Natural Resources Canada (NRCan) flagship Energy innovation Program, and is designed and delivered in partnership with Breakthrough Energy Ventures (BEV) and the Business Development Bank of Canada (BDC).