ZAF Energy Systems, a developer of next-generation battery technology for commercial trucks and other applications, recently received the first half of a $600,000 investment from Missouri’s Department of Economic Development (DED) fund as part of the state’s Venture Capital Co-Investment Program.
The company said demand for its nickel zinc (NiZn) battery as a replacement for lead-acid batteries in key market segments is growing. It will use the investment to hire employees, expand production, and forge strategic supply chain partnerships. The additional production capability will enable ZAF to meet growing customer demand, with the goal of accelerating licensing and joint venture negotiations and commercializing NiZn batteries on a global scale.
“This award will help us meet our goal of substantially increasing our production capacity, thus enabling us to keep pace with growing demand for our battery technology,” said Randy Moore, president and CEO of ZAF Energy Systems.
“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.”
ZAF said it already built relationships with companies in the commercial trucking, telecommunications, and large-scale data storage industries that are in search of powerful, cost-effective and environmentally friendly battery solutions. ZAF’s NiZn batteries have potential uses in a wide range of applications, including automotive, heavy trucking, remote telecom, renewable energy, and marine.
The NiZn batteries boast the ability to provide twice the storage capacity and three times the power of lead-acid batteries in a smaller, lighter package, the company said, providing a “powerful and affordable” alternative.