The Zinc battery market is gaining momentum as leading firms are establishing themselves within the greater battery manufacturing industry. In this week’s zinc-battery technology news, EOSE’s share price is on the rise and ZincFive secured a hefty $80 Million loan to finance its efforts to further commercialize.
ZincFive partners with Orion Infrastructure Capital, securing up to $80 million through a term loan. This partnership along with additional funding secured from Clear Creek Investments as part of its Series D round will fuel expansion into existing and new markets, particularly in data enters, industrial engine starting and high-power energy storage.
This collaboration will also allow ZincFive to enhance its global channel development, advance its product pipeline, and establish high-volume production capacity in the US. The investment will also enable ZincFive to improve its battery recycling infrastructure, create more jobs, boost local economies, and better serve its growing customer base worldwide.
Tim Hysell, Co-founder and CEO of ZincFive, emphasized the shared passion for onshoring manufacturing capacity in the US and providing safe and sustainable battery technology for high-power applications.
In positive developments for the industry, Eos Energy Enterprises experienced a 13.76% increase in its share price over the past week. Eos presents an exciting opportunity to tap into the rapidly expanding energy storage market. The company had a strong start to the year, with an impressive YoY revenue growth of 168% in Q1 of 2023. This remarkable increase can be attributed to the rising demand in the energy storage industry, and particularly for Eos’ easily scalable battery technology.
With a backlog of orders exceeding $500 million and a growing presence in the industry backed by the management’s ambitious goals, Eos Energy is well positioned to overcome the challenge of achieving positive margins in the near future.