ZincFive, a developer of nickel-zinc battery systems for data centers and AI infrastructure, has agreed to merge with Spark I Acquisition Corporation in a transaction that will take the company public on Nasdaq under the ticker symbol ZFIV. The deal values ZincFive at a pre-money equity valuation of $600 million and a pro forma enterprise value of approximately $752 million. The transaction is expected to generate at least $100 million in new capital through a committed PIPE (private investment in public equity) financing, with up to an additional $25 million available from Spark I’s trust account.
The company has emerged as a supplier of high-power battery systems for mission-critical infrastructure, positioning its nickel-zinc chemistry as an alternative to traditional lead-acid and lithium-ion batteries used in data center backup power systems. ZincFive says its technology eliminates thermal runaway risks associated with lithium-ion batteries while delivering higher power density, reduced cooling requirements, and a smaller physical footprint. The company reported approximately $66.9 million in 2025 revenue, roughly double its 2024 revenue, and said it has nearly 2 gigawatts of systems deployed or under contract worldwide. As of December 31, 2025, ZincFive reported an $81 million commercial backlog.
The announcement comes as AI infrastructure deployments place increasing demands on data center power architectures. ZincFive recently introduced an energy storage platform designed to support both traditional backup power functions and the dynamic power fluctuations associated with AI workloads. Proceeds from the transaction are expected to fund commercial expansion, manufacturing growth, and additional U.S. production capacity. The merger has been approved by both companies’ boards and is expected to close during the second half of 2026, subject to shareholder and regulatory approvals.
• Transaction values ZincFive at approximately $752 million enterprise value.
• Company plans to trade on Nasdaq under ticker symbol ZFIV.
• ZincFive reported approximately $66.9 million revenue in 2025.
• Revenue doubled year-over-year from 2024 to 2025.
• Nearly 2 GW of systems have been deployed or contracted globally.
• Commercial backlog stood at approximately $81 million at year-end 2025.
• Transaction expected to generate at least $100 million in new capital.
• Funds will support growth initiatives and expansion of U.S. manufacturing.
“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,” said Tod Higinbotham, CEO of ZincFive.
🌐 Analysis
ZincFive operates in a segment of the AI infrastructure market that is receiving increasing attention as power delivery becomes a limiting factor for next-generation AI clusters. While much of the industry focus remains on GPUs, networking, and data center construction, battery systems play a critical role in maintaining uptime and managing short-duration power events. AI facilities are also introducing new challenges related to rapidly changing power loads, creating opportunities for higher-performance energy storage technologies.
The transaction structure also reflects the continuing use of Special Purpose Acquisition Companies (SPACs) as an alternative route to public markets. A SPAC is a publicly traded shell company created to merge with a private company, allowing the target company to become publicly listed without pursuing a traditional IPO. In this case, Spark I Acquisition Corporation will merge with ZincFive, resulting in ZincFive becoming a publicly traded company while raising additional growth capital. Although SPAC activity has slowed significantly since its 2020-2021 peak, investors continue to use the structure for companies operating in large, rapidly growing markets such as AI infrastructure.
| Profile: ZincFive | |
|---|---|
| Headquarters | Portland, Oregon, USA |
| CEO | Tod Higinbotham |
| Co-Founder | Tim Hysell |
| Core Technology | Nickel-Zinc Battery Chemistry |
| Primary Markets | Data Centers, AI Infrastructure, Industrial Power Systems |
| 2025 Revenue | Approximately $66.9 Million |
| Commercial Backlog | Approximately $81 Million |
| Systems Deployed / Contracted | Nearly 2 GW |
| Planned Ticker | NASDAQ: ZFIV |
| Transaction Value | $752 Million Enterprise Value |
| ZincFive / Spark I Transaction Summary | |
|---|---|
| Acquirer | Spark I Acquisition Corporation (NASDAQ: SPKL) |
| Transaction Type | SPAC Business Combination |
| Pre-Money Valuation | $600 Million |
| Enterprise Value | $752 Million |
| PIPE Financing | Approximately $100 Million |
| Trust Cash Available | Approximately $25 Million Before Redemptions |
| Expected Close | Second Half 2026 |
| Use of Proceeds | Manufacturing Expansion, Commercial Growth, Deployment Scaling |