ZAF Energy Systems Receives $600,000 Investment from Missouri’s Department of Economic Development Fund
JOPLIN, Mo. – August 13, 2018 – ZAF Energy Systems Inc. (ZAF), a developer of next-generation battery technology, announced today that it has received $300,000, the first installment of a $600,000 investment from Missouri’s Department of Economic Development (DED) fund as part of the state’s Venture Capital Co-Investment Program.
Demand for ZAF’s nickel zinc (NiZn) battery as a replacement for lead-acid batteries in key market segments is growing. The company will use the investment to hire employees, expand production, and forge strategic supply chain partnerships. This additional production capability will enable ZAF to meet growing customer demand, which will accelerate licensing and joint venture negotiations and commercialize NiZn batteries on a global scale.
Randy Moore, president and CEO of ZAF Energy Systems, commented, “This award will help us meet our goal of substantially increasing our production capacity, thus enabling us to keep pace with growing demand for our battery technology. We have demand now for over a million batteries in what we call soft backlog, meaning that customers have told us that when the manufacturing capacity is available, that’s the quantity they will order.”
ZAF has already cultivated strong relationships with companies in the commercial trucking, telecommunications, and large-scale data storage industries that are in search of powerful, cost-effective, and environmentally friendly battery solutions. ZAF’s NiZn batteries have potential uses in a wide range of applications including: automotive, heavy trucking, remote telecom, renewable energy, and marine. NiZn batteries are poised to disrupt the $50 billion conventional lead-acid battery market with their ability to provide twice the storage capacity and three times the power of legacy lead-acid batteries in a smaller, lighter package. They provide a powerful and affordable alternative to their lead-acid counterparts while generating a lower environmental impact.