Nickel-zinc battery company ZincFive plans to go public via a special purpose acquisition company (SPAC).. The company has entered into a definitive agreement with Spark I Acquisition Corporation to merge, in a deal that represents a pro forma enterprise value of approximately $752 million.. – ZincFive. ZincFive is expected to become a Nasdaq-listed company under the ticker symbol ZFIV.. SPACs are shell companies that list on the stock market. These ‘blank check’ companies have large amounts of capital and the specific aim of merging with an operating company.. “This milestone reflects the strength of ZincFive’s technology, partnerships, and global momentum,” said Tod Higinbotham, CEO of ZincFive.. “Demand for safe, high-performance power is accelerating worldwide, and we’ve built a differentiated platform designed to scale. With trusted partners and customers alongside us, we believe we are well-positioned to expand globally and deliver long-term value as the data center market continues to evolve.”. The proposed deal is expected to deliver gross proceeds of at least $100m, and up to $25m in additional proceeds depending on redemptions.. Existing ZincFive shareholders are expected to roll 100 percent of their equity into the combined public company. ZincFive has entered into a $35m bridge loan facility, of which $28.5m is expected to be repaid at the closing of the transaction.. The company claims nearly 2GW of systems contracted or deployed, and annual revenue of $66.9m in 2025. The company has an approximately $81m backlog, thanks to growing data center demand.. Data center firm Corscale has been using ZincFive’s nickel-zinc batteries at its Gainesville Crossing data center campus in Northern Virginia since 2022. Wyoming Hyperscale has also deployed ZincFive’s batteries.. ABB has previously added ZincFive’s batteries to its UPS offering, as well as Vertiv.. Spark I was formed by SparkLabs Group and is led by investor James Rhee.. 27 Apr 2026
