ZincFive, a developer of high-power nickel-zinc battery solutions for data centers and AI infrastructure, has agreed to merge with Spark I Acquisition Corporation in a transaction that values ZincFive at $600 million pre-money and delivers a pro forma enterprise value of $752 million. The combination is expected to provide about $125 million in gross proceeds—anchored by a $100 million committed private investment in public equity (PIPE) and up to $25 million of cash held in Spark I’s trust—fully satisfying the deal’s minimum cash requirement. Existing ZincFive shareholders are rolling 100% of their equity into the combined company.
ZincFive’s proprietary nickel-zinc platform is designed to offer higher power density, enhanced safety, a smaller footprint, and lower total cost of ownership compared with conventional lead-acid and lithium-ion systems. Its chemistry eliminates thermal runaway risk, reduces cooling needs, and supports a more sustainable, recyclable power architecture for mission-critical applications. The company reports that it has shipped or contracted nearly 2 gigawatts of systems worldwide and closed 2025 with approximately $81 million in commercial backlog from a diversified base of blue-chip and hyperscale customers.
Revenue for ZincFive doubled from 2024 to 2025, reaching roughly $66.9 million. Net proceeds from the transaction will be used to accelerate global growth, support commercial deployments, and build out U.S. manufacturing capacity. ZincFive recently introduced a comprehensive energy storage offering that combines traditional outage backup functionality with dynamic power delivery tailored for real-time AI workloads.
The boards of both companies have unanimously approved the business combination, which is anticipated to close in the second half of 2026, subject to customary regulatory approvals and Spark I shareholder consent. Upon completion, the combined company will operate under the ZincFive name and continue to service global data center and AI infrastructure markets with its patented nickel-zinc technology.
Source: Business Wire
