MHI Makes Strategic Investment in e-Zinc to Boost Zinc Metal Long-duration Energy Storage

On June 27, 2024, Mitsubishi Heavy Industries, Ltd. (MHI) revealed its investment in e-Zinc, Inc., a Canadian-based startup specializing in long-duration energy storage technology headquartered in Toronto. This investment was made through Mitsubishi Heavy Industries America, Inc. (MHIA), joining a consortium of investors that includes Evok Innovations, Toyota Ventures, Eni Next, and other partners.

Using its exclusive technology, e-Zinc is advancing zinc-air batteries designed to provide long-term, cost-effective power supply. These batteries are anticipated to provide benefits including reduced self-discharge, minimal degradation over repeated cycles, enhanced safety, and simplified reusability compared to traditional lithium batteries. Additionally, they boast higher energy density than lead-acid batteries.

This investment aims to expedite e-Zinc's efforts in demonstrating and establishing a manufacturing facility for commercializing their cost-effective, flexible, and long-duration energy storage solution. Moving forward, MHI remains committed to expanding and enhancing its portfolio of solutions, offering customers alternative decarbonization technologies to achieve their net zero objectives.

e-Zinc, headquartered in Toronto, Canada, is a purpose-driven company specializing in energy storage solutions. Its innovative zinc-based long-duration energy storage technology facilitates a dependable shift away from fossil fuel-based energy sources, paving the way for global energy markets to transition fully to renewable energy. By harnessing zinc as its foundational metal, e-Zinc offers a product capable of storing energy for multiple days, ensuring reliable performance in challenging environmental conditions worldwide. Furthermore, zinc's minimal environmental impact, widespread availability, and affordability due to its abundance and recyclability enhance its attractiveness as a sustainable choice.

Mitsubishi Heavy Industries (MHI) Group is a global leader across multiple industries, including energy, smart infrastructure, industrial machinery, aerospace, and defense. Integrating advanced technology with extensive expertise, MHI Group offers innovative, comprehensive solutions aimed at achieving a carbon-neutral world, enhancing quality of life, and fostering global safety. Mitsubishi Heavy Industries, Ltd., established on July 7, 1884, has grown into a prominent global entity since its official founding on January 11, 1950. With a capital of 265.6 billion yen as of March 31, 2024, and a consolidated workforce of 77,697 employees (22,538 non-consolidated), MHI operates 12 works and plants domestically and maintains eight domestic offices. Internationally, it operates three offices in the Middle East, Taipei, and Kuala Lumpur, overseeing a network of 257 group companies (66 domestic and 191 overseas). MHI's diverse operations span across Energy Systems, Plants & Infrastructure Systems, Logistics, Thermal & Drive Systems, Aircraft, Defense & Space, reflecting its commitment to delivering innovative solutions worldwide.