ZincFive Inc., an Oregon-based battery manufacturer that makes nickel-zinc power systems for data centers, is merging with a blank-check company backed by SparkLabs Group to go public at a $600 million valuation.

What ZincFive actually does

Founded in 2016 in Tualatin, Oregon, ZincFive designs and manufactures advanced nickel-zinc battery systems. These aren’t the lithium-ion packs in your phone or Tesla. They’re high-power, immediate-discharge systems built specifically for the kind of uninterruptible power that data centers require.

When a data center loses grid power, even for a fraction of a second, something needs to bridge the gap before backup generators kick in. That “something” has traditionally been lead-acid batteries, the same basic chemistry that starts your car. ZincFive’s pitch is that nickel-zinc does the job better, with higher power density and, critically, no risk of thermal runaway — these batteries won’t catch fire, which is a selling point that resonates when you’re storing them next to millions of dollars worth of Nvidia GPUs.

The company has already secured contracts or deployment arrangements supporting nearly 2 gigawatts of data center power needs. For context, 2 GW is roughly enough to power 1.5 million homes.

The money trail

ZincFive has raised $254 million in total funding since its founding. The most recent round was a $30 million Series F that closed in December 2025, and it was oversubscribed, meaning more investors wanted in than the round had room for.

SparkLabs Group, the venture firm backing the SPAC entity, has a track record in deep tech and accelerator programs.

Why data centers, why now

The global buildout of AI infrastructure has created what can only be described as a gold rush for data center suppliers. Every major hyperscaler, from Microsoft to Google to Amazon, is pouring billions into new facilities to handle AI training and inference workloads.

ZincFive’s nickel-zinc chemistry addresses several pain points simultaneously. The absence of thermal runaway risk is particularly relevant as data centers grow denser and pack more computing power into smaller physical footprints. The company has also emphasized expanding its US-based manufacturing capacity, which aligns with broader political and economic trends favoring domestic production of critical infrastructure components.

What this means for investors

ZincFive has no connection to crypto, blockchain, or digital assets. This is a pure infrastructure hardware play.

Investors should watch a few things closely. First, the conversion rate from contracted power capacity to actual deployed systems. Supporting “nearly 2 GW” of data center needs sounds impressive, but the gap between a signed contract and delivered hardware can be significant, especially for a company that’s still scaling production.

Second, competition. ZincFive isn’t the only company targeting the data center backup power market. Lithium-ion manufacturers are adapting their products for the same use case, and some legacy lead-acid suppliers are developing next-generation chemistries.

Third, the SPAC mechanics themselves. Investors who have been burned by previous blank-check mergers will scrutinize redemption rates, dilution from warrants and sponsor shares, and the quality of the financial projections being presented.