In the US state of Missouri, the Department of Economic Development is investing in ZAF Energy Systems, an energy storage firm, to accelerate the use of nickel zinc batteries in the transition of the energy landscape.
The department has issued $300,000, the first installment of a $600,000 investment, to help the solution provider fund its business processes.
The investment is being done under the department’s Venture Capital Co-Investment Programme.
ZAF Energy Systems will use the investment to hire employees, expand production and forge strategic supply chain partnerships.
The investment will help the energy storage firm to meet growing customer demand and commercialise nickel zinc batteries on a global scale.
The development follows the growing demand for nickel zinc batteries as a replacement for lead-acid batteries in key market segments.
Randy Moore, CEO of ZAF Energy Systems, said: “… We have demand now for over a million batteries in what we call soft backlog, meaning that customers have told us that when the manufacturing capacity is available, that’s the quantity they will order.”