More money is flowing into the Portland metro area’s battery energy storage sector.
ZincFive is the recipient of the latest infusion, announcing $80 million in debt financing. A term loan with Orion Infrastructure Capital will allow for new product development and sales and production expansion, the Tualatin-based startup said.
"We are excited to forge a strategic partnership with OIC, propelling ZincFive’s rapid commercial adoption in key global markets,” Tim Hysell, co-founder and CEO of ZincFive, said in a statement.
Terms of the financing were not revealed. ZincFive in December announced a $54 million Series D round that brought its total funding to $139 million.
Emergency backup power
ZincFive makes rechargeable nickel-zinc battery systems that provide emergency backup power. The company bills its technology as a better alternative to lead-acid and lithium-ion batteries, on power density, safety and sustainability counts.
ZincFive made initial inroads in traffic control systems but has expanded into data centers and other IT infrastructure, industrial engine starting and other use cases.
OIC calls itself an investor in “environmentally and socially innovative infrastructure.”
“We at OIC are thrilled to join forces with ZincFive on their remarkable journey to transform energy storage in data centers and other global markets,” Jeremy Glick, head of infrastructure growth at OIC, said. “ZincFive's nickel-zinc battery production capabilities seamlessly align with OIC's dedication to sustainable infrastructure.”
Battery brethren
ZincFive, which says it employs 186 people, is one of several battery energy storage companies that have blossomed in the region in recent years. Among the others: Powin, which supplies lithium-ion systems for one-to-four-hour grid-scale energy storage, and ESS, which provides longer-duration grid storage with a novel flow battery system. Entek is also a player in the sector as a major supplier of battery components, including lithium-ion separators.
On the project development side, Goldman Sachs Asset Management is backing GridStor, a major energy storage project developer and operator in Portland.
