ZincFive, the Tualatin, Oregon maker of nickel-zinc batteries for data centers and AI infrastructure, is going public through a SPAC merger with Spark I Acquisition Corporation, a vehicle sponsored by venture firm SparkLabs Group. The deal, announced June 11, 2026, carries a $600 million pre-money equity value and a pro forma enterprise value of roughly $752 million.
A bet on safer data-center power
ZincFive positions its nickel-zinc chemistry as a safer, more power-dense alternative to traditional lead-acid and lithium-ion batteries for the immediate backup power that data centers need during grid interruptions. The company says it has nearly 2 gigawatts of systems deployed or contracted globally, and reported preliminary 2025 revenue of approximately $66.9 million, more than double the prior year, with an $81 million backlog at year-end.
Terms and Nasdaq listing
The transaction is expected to generate at least $100 million in fresh capital through a committed PIPE, with up to $25 million more available from Spark I's trust account. ZincFive expects to trade on the Nasdaq under the ticker symbol "ZFIV," with closing anticipated in the second half of 2026. Existing owners are rolling all of their equity into the combined company. CEO Tod Higinbotham said the proceeds will fund global manufacturing expansion as data-center demand accelerates.
Riding the AI power crunch
The listing reflects how surging AI compute demand is reshaping the infrastructure stack, from memory to backup power. ZincFive joins a broader wave of energy and compute infrastructure financing, alongside developments such as new nuclear financing for AI-era power and next-generation AI memory. It also adds to a busy run of robotics and deep-tech public listings, including Unitree's STAR Market IPO approval.
Reporting based on coverage from GeekWire, Business Wire and Energy-Storage.news.