ZincFive, a Tualatin, Oregon-based manufacturer of nickel-zinc batteries designed for data center applications, revealed on Thursday its plans to become a publicly traded company through a merger with SparkLabs Group’s Special Purpose Acquisition Company. The transaction carries a pre-money valuation of $600 million.
The company has achieved significant commercial traction, with approximately 2 gigawatts worth of battery systems either already sold or currently under contractual agreements. Financial performance showed strong momentum, as ZincFive’s revenue increased by more than 100% between 2024 and 2025, reaching roughly $66.9 million in the most recent fiscal year. Additionally, the company closed out the year with outstanding orders worth $81 million.
According to reporting by Bloomberg, the proceeds from going public will enable ZincFive to expand production capacity at its two manufacturing sites located in China. The company is also evaluating potential locations for establishing a production facility within the United States.
ZincFive markets its nickel-zinc battery technology as offering superior safety characteristics while requiring less physical space than conventional lead-acid and lithium-ion battery alternatives used in similar applications.
CEO Tod Higinbotham expressed confidence in the company’s strategic positioning, stating that ZincFive is ready to pursue international expansion opportunities and create sustained value for stakeholders as the data center industry undergoes continued transformation.
The transaction involves SparkLabs, which operates as both an accelerator and venture capital organization, utilizing its Spark I Acquisition Corp. vehicle to facilitate the reverse merger that will bring ZincFive to the public markets. Following the completion of the deal, the battery manufacturer anticipates trading on the Nasdaq stock exchange using the ticker symbol ZFIV.
Financial terms of the agreement include a minimum of $100 million in proceeds from investors, with the possibility of an additional $25 million, representing the threshold cash requirement necessary to finalize the merger. All existing shareholders of ZincFive have agreed to convert their holdings into equity in the newly public entity. The company has also secured a short-term financing arrangement totaling $35 million, the majority of which will be repaid upon the
transaction’s closure.
Historical funding data from PitchBook indicates that ZincFive has accumulated $254 million in investment capital from various backers, including Helios Climate Ventures, Climate Investment, Senator Investment Group, and Standard Investments. The company’s origins trace back to its previous identity as EnSite Power, and it expanded its technological capabilities through the acquisition of PowerGenix System approximately ten years ago.
The SPAC merger represents a significant milestone for ZincFive as it seeks to capitalize on growing demand for energy storage solutions in the data center sector, particularly as facilities supporting artificial intelligence infrastructure continue to proliferate. The additional capital and public market access are expected to accelerate the company’s production scaling efforts and support its ambitions for geographic diversification of manufacturing operations.