ZAF Energy Systems Inc., a Joplin, Mo.–based developer of next-generation battery technologies, raised $22m in Series A funding.
Backers included Élevage Capital Management, Catalus Capital, Holt Ventures, and Coventry Asset Management.
The company will use the funds to accelerate licensing and joint venture negotiations and the commercialization and adoption of its nickel-zinc (NiZn) battery technology in key markets like the large-scale data storage, telecommunications, healthcare, and commercial trucking industries, as well as to expand its manufacturing capacity.
Incorporated in 2011 and led by Randy Moore, President and CEO, ZAF Energy Systems develops and commercializes next-generation battery technologies that use sustainable, nontoxic materials and can be safely and easily recycled. Its battery technologies include a portfolio of eco-friendly energy storage solutions including nickel zinc (NiZn) and a zinc air chemistry, both of which deliver the highest power and energy density of any battery system in their class. ZAF’s rechargeable batteries provide long-life and economical solutions in a safe package for a variety of applications, including electric vehicles, commercial trucking, renewables integration, back-up power, consumer electronics, mobility, recreation vehicles, and in aerospace and defense.
The company, which has locations in Montana and Missouri, is also currently working with three segments of the US Department of the Defense on energy storage solutions that where the NiZn batteries provide significant performance enhancements over current solutions.