- Companies
- ZincFive
ZincFive Acquisition, Valuation, Funding & Investors
ZincFive was acquired by Spark I Acquisition for $752M in June 2026.
Cumulative funding ZincFive raised
$163M
across 10 funding rounds
Key investors in ZincFive
Climate Investment
Helios Climate Ventures
Japan Energy Fund
Clear Creek Investments
Senator Investment Group
40 North Ventures
Standard Industries
General Venture Capital
About ZincFive
ZincFive is a Tualatin, Oregon-headquartered manufacturer of nickel-zinc batteries for uninterruptible power supplies in data centers and transportation. The batteries deliver 10 times the power density of lead-acid systems with 75% recyclability. ZincFive holds 74 patents and supplies systems to hyperscale operators and EV charging stations. Deployed in over 50 sites globally, the technology supports rapid discharge for microgrids. Established in 2016, the company expanded production in 2023.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$752M (acquired Jun 2026)
Sectors
ZincFive Acquisition
ZincFive was acquired by Spark I Acquisition for $752M on 10 June 2026.
Before the acquisition ZincFive had raised $163M across 10 funding rounds.
ZincFive, a developer of high-power nickel-zinc battery solutions for data centers and AI infrastructure, has agreed to merge with Spark I Acquisition Corporation in a transaction valued at $600 million pre-money, resulting in a pro forma enterprise value of $752 million. The deal is expected to deliver approximately $125 million in gross proceeds, anchored by a $100 million committed PIPE and up to $25 million from Spark I's trust account, fully satisfying the minimum cash requirement. Closing is targeted for the second half of 2026, with ZincFive set to list on Nasdaq under the ticker ZFIV. The strategic rationale centers on accelerating global growth and building U.S. manufacturing capabilities to support the rapidly expanding demand for immediate power solutions in AI infrastructure. ZincFive has achieved commercial scale with nearly 2 gigawatts of systems shipped or contracted globally and closed 2025 with an $81 million commercial backlog from diversified blue-chip and hyperscale customers. The company's revenue doubled from 2024 to 2025, reaching approximately $66.9 million. The transaction includes a $35 million bridge loan facility, with $28.5 million expected to be repaid at closing, and net proceeds will fund growth investments and commercial deployment.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 10 Jun 2026 | Strategic M&A | $752M |
ZincFive Funding History
ZincFive has raised a total of $163M across 10 funding rounds.
ZincFive's first fundraising round was a $1M seed round in November 2015. The most recent completed round was a $30M Series F in December 2025.
ZincFive funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2025 | Series F | Climate Investment; Japan Energy Fund; Clear Creek Investments; Helios Climate Ventures; General Venture Capital | $30M | ZincFive, a global leader in nickel-zinc (NiZn) battery-based solutions for immediate power applications, closed an oversubscribed $30 million Series F funding round in December 2025, bringing its total funding since 2016 to $254 million. The round was backed by investors including Helios Climate Ventures, Climate Investment, Japan Energy Fund, General Ventures, and Clear Creek Investments. The funds will accelerate commercial expansion and manufacturing capacity to meet surging demand for AI data center power solutions, particularly following the launch of its BC 2 AI nickel-zinc UPS battery cabinet, which offers AI load support, zero thermal runaway risk, and 96% recyclability. The company has deployed or contracted nearly 2 GW of NiZn battery backup cabinets across the global data center industry, with commitments from leading hyperscalers and operators. ZincFive's technology provides superior power density, inherent safety, and sustainability compared to lead-acid and lithium-ion alternatives, maintaining conductivity in weak cells with minimal maintenance and a compact environmental footprint. Strategic relationships with OEMs position it for growth in AI-ready infrastructure. This Series F follows a $54 million Series D in 2022 led by Helios Climate Ventures. ZincFive emphasizes commercial maturity, scaling production to fulfill contracts amid the AI infrastructure buildout, where power systems are a critical bottleneck. The energy storage sector saw $2.8 billion in VC funding across 56 deals in 9M and Q3 2025, up 4% YoY. |
| Dec 2022 | Series D | Helios Climate Ventures (lead); Climate Investment; Japan Energy Fund; Clear Creek Investments; Standard Industries; Senator Investment Group | $54M | ZincFive, a Portland, Oregon-based company specializing in nickel-zinc battery solutions for immediate power applications like data center UPS, intelligent transportation, industrial engine starting, EV charging, and microgrids, raised $54 million in its Series D funding round in November/December 2022. The round was led by Helios Climate Ventures, with participation from existing investors Senator Investment Group and Standard Investments, and new investors including OGCI Climate Investments (also referred to as Climate Investment), Japan Energy Fund, and others such as Clear Creek Investments. This brought the company's total funding since inception to $139 million. The funds were allocated to expand market penetration in existing segments, accelerate high-volume production capacity to meet growing customer demand, invest in channel and product development, and enter new high-power energy segments and geographies. ZincFive highlighted its nickel-zinc technology's advantages: high power density, full recyclability, low carbon footprint, nonflammability, and sustained conductivity even in weakened cells, outperforming alternatives in safety, sustainability, and performance for mission-critical uses. Investors praised the spiking commercial demand, expanding customer roster including hyperscalers, and lower climate impact compared to other battery chemistries. At the time, ZincFive was deploying or contracting nearly battery backup solutions for critical infrastructure, including a Wyoming data center project with 37-39kWh cabinets supporting 30MW IT loads and a microgrid partnership with Kaizen Clean Energy and PowerCell. The round aligned with a broader 44% decline in energy storage VC funding in 9M 2022 to $4 billion across 73 deals. Subsequent developments included a Series F round raising $30 million in 2024 (total funding to $254 million) and debt financing in May/June 2024, reflecting ongoing scaling amid recognition like TIME’s GreenTech lists and Edison Awards. |
| Mar 2022 | Series A | - | $11M | ZincFive develops nickel-zinc battery-based solutions for immediate power applications, targeting mission-critical uses in data centers, transportation, and industrial sectors. The company raised $54 million in its Series D funding round announced in November 2022, led by Helios Climate Ventures with participation from Senator Investment Group, Standard Investments, OGCI Climate Investments, and Japan Energy Fund. This brought total funding to $139 million since inception in 2016. The capital supports market penetration, product development, geographic expansion, and scaling high-volume production capacity. Earlier in 2022, ZincFive completed another Series D tranche of $11.31 million on February 15, as part of the overall Series D efforts totaling around $54 million across tranches in February and November. The funding accelerates deployment in high-power energy segments amid growing demand. ZincFive has since progressed, raising a $30 million oversubscribed Series F round in late 2025, bringing total funding to $254 million to scale manufacturing for AI data center power solutions, with nearly 2 GW of nickel-zinc battery backup cabinets deployed or contracted. |
| Apr 2021 | Undisclosed stage | - | $33M | ZincFive, based in Tualatin/Portland, Oregon, develops nickel-zinc (NiZn) battery-based solutions for immediate power applications, targeting data centers, AI infrastructure, intelligent transportation, industrial engine starting, and UPS systems with high power density, safety (zero thermal runaway risk), and recyclability (96%). The company leverages patented NiZn chemistry for mission-critical, sustainable power. Subsequent rounds include a $54M Series D in November 2022 led by Helios Climate Ventures with participation from Senator Investment Group, Standard Investments, OGCI Climate Investments, Japan Energy Fund, and others, bringing total funding to $139M. This supported market penetration, product development, high-volume production, and entry into new segments. In December 2025, ZincFive closed an oversubscribed $30M Series F round from investors including Helios Climate Ventures, Climate Investment, Japan Energy Fund, General Ventures, and Clear Creek Investments, raising total funding to $254M since 2016. The Series F funds commercial and manufacturing expansion for AI data center demand, including the BC 2 AI nickel-zinc UPS cabinet. ZincFive reports deploying or contracting nearly 2 GW of battery backup cabinets and scaling production for hyperscalers. |
| Mar 2020 | Series C | 40 North Ventures (lead) | $13M | ZincFive is the world leader in nickel-zinc battery-based solutions for mission-critical and immediate power applications. The company's technology delivers high performance and safety without compromising environmental sustainability, with applications in data centers, intelligent transportation, and other demanding use cases. In March 2020, ZincFive completed a $13.1 million Series C funding round led by 40 North Ventures, which brought total funding since inception to $40 million. The capital was allocated to sales channel development, new product development, and manufacturing operations expansion to meet customer demand. At the time of the round, ZincFive had already achieved significant operational traction, with more than 150 departments of transportation across North America deploying its nickel-zinc uninterruptible power solutions and over 15 million battery operational hours validated in the field. |
| Sep 2019 | Seed | - | $3M | ZincFive completed a Series C funding round on September 18, 2019, raising $3.42 million. The company develops nickel-zinc battery-based solutions for immediate power applications, including data centers and other mission-critical uses. A larger Series C round of $33 million followed in March 2021. ZincFive has raised a cumulative total of $254 million across multiple rounds since its 2016 founding, with later rounds including $54 million Series D in 2022 and $30 million Series F in December 2025. |
| Jan 2018 | Series B | - | $11M | ZincFive completed a Series B-II funding round on January 18, 2018, with deal terms available but no specific valuation, amount raised, or other financial metrics disclosed in the sources. The company, founded in 2016 and based in Tualatin, Oregon, develops nickel-zinc battery-based solutions for immediate power applications, including mission-critical uses in data centers, intelligent transportation, and industrial sectors. ZincFive leverages safe, sustainable nickel-zinc chemistry to deliver high power density, performance, safety, and environmental benefits, supported by over 100 international patents. By 2020, ZincFive raised $13.1 million in Series C funding led by 40 North Ventures, bringing total funding to $40 million, to support sales channels, product development, manufacturing expansion, and entry into new markets. In November 2022, a $54 million Series D round led by Helios Climate Ventures increased total funding to $139 million, accelerating production capacity and market penetration. Most recently, in December 2025, an oversubscribed $30 million Series F round brought cumulative funding to $254 million, focusing on scaling for AI data center demand. |
| Jan 2017 | Series A | - | $3M | - |
| Aug 2016 | Seed | - | $3M | ZincFive was founded in 2016 and develops nickel-zinc battery-based solutions for immediate power applications, targeting data centers, intelligent transportation, and industrial uses. The company raised approximately $2.85M in a Series B round on August 5, 2016, and $1.84M in a Series A round on March 10, 2016. ZincFive has since raised additional rounds, including $13.1M Series C in 2020, $54M Series D in 2022, and $30M Series F in 2025, bringing total funding to $254M. |
| Nov 2015 | Seed | - | $1M | - |
Who has invested in ZincFive?
8 investors have backed ZincFive across its funding rounds, including Climate Investment, Helios Climate Ventures, Japan Energy Fund, Clear Creek Investments, Senator Investment Group and 40 North Ventures.
Lead investors include Helios Climate Ventures and 40 North Ventures.
ZincFive Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Dec 2022 | ||
| 2 | Participant | Dec 2022 | ||
| 2 | Participant | Dec 2022 | ||
| 2 | Lead | Dec 2022 | ||
| 1 | Lead | Mar 2020 | ||
| 1 | Participant | Dec 2022 | ||
This data is available for Pro users. Sign up to see all 8 ZincFive investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by ZincFive
ZincFive has acquired 1 company to date.
Last acquisition by ZincFive was on November 28th 2016. ZincFive acquired PowerGenix for $65M.
Latest Acquisitions by ZincFive
| Description | PowerGenix is a manufacturer of nickel-zinc rechargeable batteries and uninterruptible power supplies for data centers and transportation. Its high-power cells deliver 2-3 times the energy density of lead-acid alternatives with rapid charging. Based in San Jose, California, the company supplies rack-mounted UPS systems to telecom operators and rail networks. Products feature eco-friendly chemistry without heavy metals. Acquired by ZincFive in 2018, PowerGenix technology powers mission-critical backups worldwide. |
| HQ Country | |
| HQ City | Portland, OR |
| Deal Date | 28 Nov 2016 |
| Valuation | $65M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all ZincFive acquisitions and their M&A valuation multiples. Start Free Trial | |
ZincFive Competitors
ZincFive competitors include listed companies like Energy Vault and Hyliion, and private ones like BAK Power, FlexGen, Zhibang Lithium Battery and Phylion Battery.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $754M | - | ||
| Private | - | - | $754M | - | ||
| Publicly listed | $204M | ($83M) | $769M | 3.6x | ||
| Private | - | - | $732M | - | ||
| Publicly listed | $3M | ($60M) | $729M | 60.8x | ||
| Private | - | - | $726M | - |
ZincFive Public Comps
ZincFive is no longer listed, but its public comps include Energy Vault, Hyliion, ADS-TEC Energy, WIP Terminal, Enovix, Kempower, Matthews International, Veken Technology Co, Factorial Energy and Solid Power.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $204M | ($83M) | 4.6x | 3.6x | (11.4x) | (46.2x) | |||
| $3M | ($60M) | 192.1x | 60.8x | (11.2x) | (13.9x) | |||
| $36M | ($3M) | 23.2x | 26.7x | (278.0x) | - | |||
| - | - | - | - | - | - | |||
| $32M | ($114M) | 22.3x | 19.4x | (6.2x) | (8.3x) | |||
| $289M | $690K | 2.2x | 1.9x | 917.9x | 59.5x | |||
| $1.5B | $151M | 0.8x | 1.2x | 8.1x | 7.6x | |||
| $211M | $7M | 2.7x | - | 79.5x | - | |||
This data is available for Pro users. Sign up to see all ZincFive competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ZincFive
| When was ZincFive founded? | ZincFive was founded in 2015. |
| Where is ZincFive headquartered? | ZincFive is headquartered in Portland, OR, United States. |
| Is ZincFive publicly listed? | No, ZincFive was acquired by Spark I Acquisition in June 2026. |
| Who acquired ZincFive? | ZincFive was acquired by Spark I Acquisition in June 2026. |
| How much was ZincFive acquired for? | ZincFive was acquired for $752M in June 2026. |
| How much funding has ZincFive raised? | ZincFive has raised $163M across 10 funding rounds. |
| What was ZincFive's last funding round? | ZincFive's last funding round was a $30M Series F in December 2025. |
| Who are ZincFive's investors? | ZincFive's investors include Climate Investment, Japan Energy Fund, Clear Creek Investments, Helios Climate Ventures, 40 North Ventures, Standard Industries, Senator Investment Group and General Venture Capital. |
| Which companies are comparable to ZincFive? | Companies comparable to ZincFive include BAK Power, FlexGen, Energy Vault, Zhibang Lithium Battery, Hyliion and Phylion Battery. |
| How many companies has ZincFive acquired? | ZincFive has acquired 1 company, including PowerGenix. |
| What was the largest acquisition by ZincFive? | The $65M acquisition of PowerGenix in November 2016 is the largest acquisition ZincFive has made to date. |
See companies similar to ZincFive
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




