Data Center Battery Maker ZincFive to Merge With SparkLabs SPAC

ZincFive Inc., a specialized battery maker supplying data centers, has agreed to go public through a merger with a blank-check company backed by SparkLabs Group at a pre-money valuation of $600 million.

Oregon-based ZincFive, whose revenue doubled to $69.9 million last year, plans to use proceeds from the transaction to increase production, including to address an $81 million backlog in orders as of Dec. 31, according to a statement reviewed by Bloomberg News.

The transaction will deliver at least $100 million from a committed private investment in public equity, or PIPE, and as much as $25 million from the ...