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Proceeds from the capital investment round will be used by the company to accelerate the commercialization and adoption of its nickel-zinc (NiZn) battery technology and expand its manufacturing capacity
Fremont, CA: Next-generation battery technology developer ZAF Energy Systems raised USD 22 million in a Series A funding round from institutional and strategic investors, including Elevage Capital Management, Catalus Capital, Holt Ventures, and Coventry Asset Management. Proceeds from the capital investment round will be used by the company to accelerate the commercialization and adoption of its nickel-zinc (NiZn) battery technology and expand its manufacturing capacity.
"I look for innovative products that match with industry-changing trends. My belief is that ZAF's environmentally friendly batteries are going to change the way the industry looks at cost-effective energy storage. For far too long, energy storage has been the "Achilles Heel" of the energy industry. I am excited to be a part of this ground-breaking technology," said Gen Fukunaga, CEO of Coventry Asset Management. Fukunaga is also the founder and former CEO of Funimation Entertainment, which brought anime to the US and Canadian entertainment markets.
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[vendor_logo_first]The new investment will be used by ZAF Energy Systems to meet the growing customer demands of its NiZn technology in key markets like the large-scale data storage, telecommunications, healthcare, and commercial trucking industries that are in need of powerful, cost-effective, and environmentally friendly battery solutions. Currently, the company is working with three segments of the US Department of Defense on energy storage solutions, where the NiZn batteries provide significant performance enhancements over current solutions. The Series A investment round will also enable the company to accelerate licensing and joint venture negotiations and to commercialize NiZn batteries with both domestic and international strategic partners.
"We at Holt Ventures focus on investments that have the potential to disrupt the current way of doing things within the heavy equipment landscape, including at our own Caterpillar dealership. We constantly look for ways that our businesses can be more environmentally friendly and, at the same time, focus on profitability and efficiency. The nickel-zinc battery not only out-performs the lead-acid battery exponentially, it provides an eco-friendly alternative to an environmental problem experienced around the globe, while still providing vastly superior energy storage capacity for our future needs," said Meg Paulus, Partner at Holt Ventures.
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