ZincFive, the world leader in nickel-zinc batteries and solutions announced it has raised $13.1 million in Series C funding. 40 North Ventures. an early-to-growth stage venture capital fund focused on technology investments in the industrial sector, is leading the round with managing director Marc van den Berg joining ZincFive’s board of directors. The series C investment brings ZincFive’s total funding since inception to $40 million.
“Our customers are thrilled with our nickel-zinc batteries and solutions delivering higher performance without forcing them to compromise on safety and the environment,” said ZincFive CEO and Co-founder, Tim Hysell. “The opportunity to partner with 40 North Ventures provides the capital and strategic relationships to bring nickel-zinc batteries into new global growth segments.”
The funding also accelerates ZincFive’s penetration into existing markets including mission critical applications in data centers and intelligent transportation as well as providing the growth capital to enter new high-power energy segments and geographies. In addition to investments in channel and product development, the funding will accelerate the build-out of annual production capacity to meet expected customer demand. The company plans include strengthening supply chain integrity for customers with separately located production capacity.
“ZincFive’s nickel-zinc battery technology makes it exactly the kind of company that is at the core of 40 North Ventures’ investment thesis: to drive growth in high-potential companies in the industrials sector that solve meaningful real-world problems with sustainability in mind,” said 40 North Ventures managing director Marc van den Berg.