ZincFive gets funding
An Oregon company that is delivering the environmentally clean, higher performing nickel-zinc alternative to many lithium-ion and lead-acid batteries hit a significant financial milestone this January.
Tualatin-based ZincFive raised $11 million in the second round of financing to increase engineering and support manufacturing growth.
ZincFive battery manufacturer is the inventor of the world's first environmentally safe nickel-zinc battery. In May 2017, ZincFive landed an endorsement from the Oregon Department of Transportation — a two-year process, it's one of the nation's most rigorous transportation testing labs.
In January 2018, the company was awarded its 74th patent and has 29 patents pending.
The second round of funding brings ZincFive's total collection of investments to $14 million, some of which will also enable an aggressive sales and marketing expansion.
"ZincFive has field-proven our energy solutions, based on our proprietary nickel- zinc battery technology, in mission-critical applications," said Tim Hysell, CEO and co-founder of ZincFive. "We are building a global growth company and our expanding base of loyal customers confirms the
exceptional value our solutions deliver."
ZincFive's solutions based on patented nickel-zinc battery chemistry are rapidly gaining acceptance in multiple markets where superior power performance and safety make nickel-zinc preferred over to lead-acid and lithium-ion battery chemistries.
ZincFive integrated a transformative battery chemistry (nickel zinc) and wrapped it around technology the team invented, providing solutions for industries that stay operating 24/7 in this increasingly electrified world.
World-class cities like San Francisco are now using clean nickel-zinc, and ZincFive is now expanding its reach into data centers.
ZincFive received recognition from Gartner, 451 Research and Frost & Sullivan in 2017 for significant research milestones. The company also owns the world's broadest IP portfolio for nickel-zinc battery chemistry.
"The customer response to our powerful patented solutions provides validation of our strategy and technology as game changers in the markets we are addressing," Hysell said. "The continued support, enthusiasm and expertise of our investors is enabling us to accelerate the execution of our vision and growth plan."
The company's UPStealth has become the fastest-growing uninterruptible power supply (UPS) solution serving the intelligent transportation systems market with thousands of units installed by over 100 transportation departments in 34 states and four Canadian provinces. The company employs more than 100 people in its Tualatin headquarters and battery operations in Shenzhen, China.
By Jules Rogers
Reporter, The Business Tribune
Follow Jules on Twitter
Visit the Business Tribune on Facebook and Instagram
Subscribe to our E-News
Where: 20170 S.W. 112th Ave, Tualatin