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ZincFive to Go Public via $600 Million SPAC Merger, Valuing Company at $752 Million
ZincFive Inc. is stepping onto the public stage, announcing a $600 million SPAC merger that values the Oregon‑based battery maker at $752 million. On June 11, 2026 the company revealed that it will merge with Spark I Acquisition Corp., a special‑purpose acquisition vehicle backed by SparkLabs Group, and become a Nasdaq‑listed entity under the ticker ZFIV.
The deal will give ZincFive fresh capital to ramp up production of its nickel‑zinc (NiZn) battery systems, which the firm markets as a safer, lower‑footprint alternative to lead‑acid and lithium‑ion units for data‑center backup power. Nickel‑zinc chemistry has been under development for more than a century, but recent breakthroughs in stabilizing the zinc electrode have made the technology commercially viable. ZincFive’s proprietary design delivers a high‑energy, non‑flammable battery that can be stacked in a smaller volume than comparable lithium‑ion units, reducing the risk of thermal runaway and fire—concerns that have driven data‑center operators to seek alternatives.
Financially, the company has accelerated its growth. Revenue rose from roughly $29 million in 2024 to $66.9 million in 2025, a more than 100 % increase. ZincFive also reported shipping or securing contracts for nearly 2 gigawatts of battery capacity, with a commercial backlog of $81 million as of December 31, 2025. These figures underscore strong demand from hyperscale and colocation data‑center operators that require reliable, non‑flammable backup power.
The SPAC merger will bring at least $100 million of new equity capital, with the possibility of an additional $25 million, and a $35 million short‑term loan that will be repaid once the transaction closes. Existing owners will roll 100 % of their equity into the new public entity. Prior to the merger, ZincFive had raised $254 million from investors such as Helios Climate Ventures, Climate Investment, Senator Investment Group, and Standard Investments.
Manufacturing for ZincFive’s battery cells is currently concentrated in two plants in China. The company said the new capital will be used to explore the establishment of a U.S. manufacturing facility, a move that would reduce supply‑chain risk, lower transportation emissions, and create high‑tech manufacturing jobs domestically.
The merger fits a broader trend of data‑center operators seeking safer, more sustainable energy‑storage solutions. As artificial‑intelligence workloads grow, the electricity demand of data centers is projected to double by 2030, heightening the need for reliable, non‑hazardous backup power.
CEO Tod Higinbotham said the company is positioned to meet the evolving needs of the data‑center market. He added that the NiZn batteries can help operators reduce fire risk and environmental impact while maintaining the reliability required for critical computing infrastructure.
The public listing will enable ZincFive to raise additional capital to meet its backlog and expand production. The company projects sales between $90 million and $105 million in 2026. The SPAC merger also offers a faster route to public markets than a traditional initial public offering.
ZincFive has not yet begun trading on the Nasdaq. It will start trading under ZFIV once the merger closes and regulatory approvals are obtained. The deal is expected to close in the next few months, pending customary closing conditions.
In summary, ZincFive’s SPAC merger marks the company’s transition from a private Oregon‑based battery developer to a publicly traded entity valued at $752 million. The transaction will provide the resources needed to scale production of its nickel‑zinc batteries, address a growing backlog of data‑center orders, and potentially establish a U.S. manufacturing footprint.
The deal will give ZincFive fresh capital to ramp up production of its nickel‑zinc (NiZn) battery systems, which the firm markets as a safer, lower‑footprint alternative to lead‑acid and lithium‑ion units for data‑center backup power. Nickel‑zinc chemistry has been under development for more than a century, but recent breakthroughs in stabilizing the zinc electrode have made the technology commercially viable. ZincFive’s proprietary design delivers a high‑energy, non‑flammable battery that can be stacked in a smaller volume than comparable lithium‑ion units, reducing the risk of thermal runaway and fire—concerns that have driven data‑center operators to seek alternatives.
Financially, the company has accelerated its growth. Revenue rose from roughly $29 million in 2024 to $66.9 million in 2025, a more than 100 % increase. ZincFive also reported shipping or securing contracts for nearly 2 gigawatts of battery capacity, with a commercial backlog of $81 million as of December 31, 2025. These figures underscore strong demand from hyperscale and colocation data‑center operators that require reliable, non‑flammable backup power.
The SPAC merger will bring at least $100 million of new equity capital, with the possibility of an additional $25 million, and a $35 million short‑term loan that will be repaid once the transaction closes. Existing owners will roll 100 % of their equity into the new public entity. Prior to the merger, ZincFive had raised $254 million from investors such as Helios Climate Ventures, Climate Investment, Senator Investment Group, and Standard Investments.
Manufacturing for ZincFive’s battery cells is currently concentrated in two plants in China. The company said the new capital will be used to explore the establishment of a U.S. manufacturing facility, a move that would reduce supply‑chain risk, lower transportation emissions, and create high‑tech manufacturing jobs domestically.
The merger fits a broader trend of data‑center operators seeking safer, more sustainable energy‑storage solutions. As artificial‑intelligence workloads grow, the electricity demand of data centers is projected to double by 2030, heightening the need for reliable, non‑hazardous backup power.
CEO Tod Higinbotham said the company is positioned to meet the evolving needs of the data‑center market. He added that the NiZn batteries can help operators reduce fire risk and environmental impact while maintaining the reliability required for critical computing infrastructure.
The public listing will enable ZincFive to raise additional capital to meet its backlog and expand production. The company projects sales between $90 million and $105 million in 2026. The SPAC merger also offers a faster route to public markets than a traditional initial public offering.
ZincFive has not yet begun trading on the Nasdaq. It will start trading under ZFIV once the merger closes and regulatory approvals are obtained. The deal is expected to close in the next few months, pending customary closing conditions.
In summary, ZincFive’s SPAC merger marks the company’s transition from a private Oregon‑based battery developer to a publicly traded entity valued at $752 million. The transaction will provide the resources needed to scale production of its nickel‑zinc batteries, address a growing backlog of data‑center orders, and potentially establish a U.S. manufacturing footprint.
