US-based advanced battery technology developer ZAF Energy Systems has raised $22m in a series A round backed by Holt Ventures, the corporate venturing arm of industrial equipment manufacturer Holt Cat.
The deal was rounded off by Elevage Capital Management, Catalus Capital and Coventry Asset Management.
Founded in 2011 as Zinc Air Fuel Cells, ZAF is working on batteries that rely on nickel-zinc electrolytes as opposed to lead acid in order to extend lifespan and increase energy capacity.
The cash will help extend the manufacturing capabilities for ZAF’s battery and support commercialisation moves including joint ventures and licensing with domestic and international partners.
Target segments for the batteries could include data storage, commercial trucking, telecoms and healthcare.
ZAF Energy Systems had previously raised $23.6m of equity funding and convertible notes across five deals from 2013 to 2019, according to regulatory filings.