In 2023, ESN Premium reported that since going public, those four companies had seen share prices fall by an average of 80%, with one source calling them “unmitigated disaster for investors.”
Stem and ESS’ share prices have since fallen even lower, and while Eos and Energy Vault have increased value, neither company is near their 2021 share value.
ZincFive CEO Tod Higinbotham emphasises that his company enters the public markets from a fundamentally different position.
“The previous wave of SPAC transactions was largely coloured by companies going public on the promise of future revenue. ZincFive is a different story,” Higinbotham says.
“We have already achieved commercial scale – nearly 2GW of systems deployed or contracted globally, revenue that more than doubled in 2025 to US$66.9 million, and an US$81 million contracted backlog entering 2026. These are formal purchase orders from blue-chip customers, not projections.”
