ZincFive, a provider of nickel-zinc battery-based immediate power solutions for data centers and AI infrastructure, announced that it has entered into a definitive business combination agreement with special purpose acquisition company Spark I Acquisition Corporation in a deal valuing the combined company at approximately $752 million.
Upon completion of the transaction, ZincFive is expected to become a publicly traded company on the Nasdaq under the ticker symbol “ZFIV.” The combined company will retain the name ZincFive, Inc.
Headquartered in Oregon, ZincFive develops patented nickel-zinc battery technology designed to deliver higher power density, improved safety, smaller footprints, and lower total cost of ownership compared with lead-acid and lithium-ion alternatives. The company said its systems eliminate thermal runaway risks while reducing cooling requirements and installation costs, making them suitable for AI infrastructure and data center applications.
ZincFive has already reached commercial scale, with nearly 2 gigawatts of systems deployed and contracted globally. The company reported that revenue doubled in 2025 to approximately $66.9 million and ended the year with an approximately $81 million backlog, reflecting increasing demand from data center customers.
The company recently introduced a new energy storage platform designed to support both outage-duration backup requirements and dynamic power demands associated with AI workloads.
The transaction is expected to provide at least $100 million in gross proceeds through a committed PIPE financing, satisfying the agreement’s minimum cash requirement, with up to an additional $25 million available depending on shareholder redemptions. Existing ZincFive shareholders are expected to roll over 100% of their equity into the combined company.
ZincFive has also entered into a $35 million bridge loan facility, with approximately $28.5 million expected to be repaid upon closing. The proceeds from the transaction will be used to support growth initiatives, commercial deployments, and the expansion of U.S. manufacturing capabilities.
The boards of directors of both companies have unanimously approved the merger, which is expected to close during the second half of 2026, subject to shareholder approval and customary regulatory conditions.
Spark I Acquisition Corporation was formed by SparkLabs Group, a global network of startup accelerators and venture capital funds. SparkLabs has invested in several AI companies, including OpenAI, Anthropic, Perplexity, xAI, Groq, and Retro Biosciences.
Advisors on the transaction include Cantor Fitzgerald as exclusive financial advisor to ZincFive and lead placement agent for the PIPE, Chardan as capital markets advisor, Cooley LLP as legal advisor to ZincFive, and Wilson Sonsini Goodrich & Rosati as legal advisor to Spark I.
KEY QUOTES:
“This milestone reflects the strength of ZincFive’s technology, partnerships, and global momentum. 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.”
Tod Higinbotham, CEO, ZincFive
“By pairing that belief with relentless execution, we’ve built a high-power platform that customers trust, demonstrating that safer, more sustainable infrastructure can be delivered at scale. We believe the proposed transaction with Spark I will provide the capital and public market platform to amplify our impact globally.”
Tim Hysell, Co-Founder, Board Member And Strategic Advisor, ZincFive
“This proposed transaction with ZincFive aligns with Spark I’s strategy to bring transformative, late-stage technology companies tied to the global innovation economy to the U.S. public markets. We believe ZincFive’s proven commercial relationships, recently launched AI power solutions, and scalable manufacturing position the company to capture significant value from the AI infrastructure build-out. We believe the market fundamentals, technology leadership, and execution capability create a compelling public market opportunity.”
James Rhee, CEO And Chairman, Spark I Acquisition Corporation
