Spark I Acquisition Corp. · NASDAQ:SPKL
Spark I Acquisition — SPAC Merger (October 2026)
40 slides from Spark I Acquisition's SPAC merger presentation, Oct 2, 2026
Slide 1: Investor Presentation Q4 2026: The Power of Good Chemistry
Investor Presentation Q4 2026 The Power of Good Chemistry®
Slide 2: About This Presentation
About This Presentation This presentation and accompanying oral statements are provided for informational purposes only and have been prepared to ass ist interested parties in making their own evaluation with respect to a business combination (the “proposed transaction”) between Z incFive, Inc. (“Zi
Slide 3: Participants in the Solicitation
Participants in the Solicitation Spark, ZincFive and certain of their respective directors, executive officers and other members of management and employees m ay, under SEC rules, be deemed to be participants in the solicitation of proxies from Spark’s shareholders in connection with the p roposed t
Slide 4: ZincFive offers high-rate immediate power technology
ZincFive offers customers high - rate immediate power technology that delivers confidence in operation and peace of mind. Our nickel - zinc (NiZn) batteries are real - world trusted in mission critical applications across industries and infrastructures — supplying safe, reliable, and cost - effectiv
Slide 5: Leadership Team
Leadership Team 5 Tim Hysell Co - Founder | Board Member | Strategic Advisor ▪ Co - founded ZincFive nine years ago, and has guided the creation and deployment of nickel - zinc battery technology ▪ Prior to ZincFive , founded and chaired PSI Acquisitions and Millenium Power Solutions – where UPSteal
Slide 6: Executive Summary
Executive Summary 6 AI Is Changing The World and disrupting traditional data center architecture – driving new power infrastructure requirements across hyperscale, co - location, and enterprise data centers AI ZincFive Is Experiencing Strong Revenue And Booking Momentum through strategic customer wi
Slide 7: Investment Highlights
Investment Highlights Mission - critical power solutions built for today’s data centers and the evolving demands of AI infrastructure 7 Providing Compelling Products And Mission - Critical Power Solutions Winning Major Data Center Customers 1 Addressing Evolving Market Challenges And Needs AI - driv
Slide 8: Mission-Critical Power Solution For Data Centers
Mission - Critical Power Solution For Data Centers 8 $28.7MM 2024A Revenue $65.0MM 2025A Revenue $126.5MM 6/30/2026 Contracted Backlog Key Statistics as of 6/30/2026 1.34 GW Deployed ▪ A leading supplier of nickel - zinc (NiZn) batteries and solutions for mission - critical infrastructure UPS backup
Slide 9: Company Overview
+ Zinc } Company Overview
Slide 10: The Value Of Immediate Power
The Value Of Immediate Power 10 What Does Nickel - Zinc Provide? Cylindrical Battery Prismatic Battery o Safe, sustainable, mission critical back - up power o High power density in a smaller footprint o Highly recyclable and environmentally friendly solutions o Non - flammable and stable under high
Slide 11: Traditional vs Next-Gen AI Data Centers Require UPS
11 Traditional Data Centers Require UPS Datacenter Battery Criteria Next - Gen AI Data Centers Require UPS + Pulse Power Nickel - Zinc Competitors Cycling Energy Capacity Reaction Time Lithium - Ion Lead - Acid Infrequent use 1 - 5 minutes Sub - millisecond / Near Immediate SuperCaps 1 Unpredictable
Slide 12: A Comprehensive Data Center Power Solution
A Comprehensive Data Center Power Solution 12 Superior chemistry safety (no thermal runaway) Exceptional sustainability Maximum power in a minimal footprint Compelling total cost of ownership 1, 2 Note: The red, yellow and green colors represent relative performance in these categories across these
Slide 13: Customer Value Proposition
13 Customer Value Proposition Performance Without Compromise ▪ Highly recyclable batteries and battery cabinets ▪ 25 - 50% lower embodied carbon than lithium - ion or lead - acid ▪ Third party verified Environmental Product Declarations (EPD) published and available ▪ Battery materials are widely av
Slide 14: Products And Solutions Supporting The Evolving Power Roadmap
Products And Solutions Supporting The Evolving Power Roadmap
Slide 15: Critical Products Deployed Across Data Center Applications
15 Critical Products Deployed Across Data Center Applications Industrial Engine Starting Data Center Generators Retrofit Kit to Replace Data Center UPS Lead - Acid Battery Prismatic Battery Medium Voltage BESS, Black - start, and Grid Stabilization Traditional IT UPS Battery Cabinet Leveraged into M
Slide 16: Product Roadmap Focused On Evolving Challenges
AI Ready Gen 3 BC 2 AI Launched Q4 2025 BBU Form Factor Planned in 2026 High - Power Cabinets AI Data Center Products BBU 2 Form Factor Pulse Power Shelves Gen 1 Gen 2 Traditional Data Center UPS BC 2 2024 Model BC 2 - 300X 2025 Model BC 2 - 500 2025 Model Retrofit Kit Planned in 2026 Gross Margin I
Slide 17: Scaled Operations Delivering Solutions Globally
Scaled Operations Delivering Solutions Globally 17 Current China manufacturing footprint can support up to $200 million in potential revenue ZincFive has two manufacturing operations in Changsha, China: one is a contract manufacturer, and one is a wholly owned operation ZincFive has a battery develo
Slide 18: Data Center Power Infrastructure Is Evolving Rapidly In The Age Of AI
Data Center Power Infrastructure Is Evolving Rapidly In The Age Of AI
Slide 19: Data Center Power Infrastructure Is Undergoing A Fundamental Shift
Data Center Power Infrastructure Is Undergoing A Fundamental Shift 19 1) Local fire authorities enforcing fire codes Dynamic (Spiky) Loads GPU clusters generate unpredictable, rapid power surges requiring sub - second response Extreme Power Density Rack densities rising to 40 – 130 kW+, demanding ba
Slide 20: BC AI: Solution To The Changing Power Environment
BC 2 AI: Solution To The Changing Power Environment 20 Don’t over design with other technologies; If AI loads break through, you are covered with BC 2 AI BC Series Systems that can handle AI Pulse Profiles at various loads AI warranty protection within a standard system footprint Energy Density bene
Slide 21: All-In-One Solution For AI Demands
All - In - One Solution For AI Demands 21 Implications ▪ AI workloads create instant, rapid pulse power demands requiring a solution adjacent to the GPU for power smoothing ▪ The dynamic power draws must be addressed to prevent impacts to the efficiency and stability of the grid ▪ Pulse power issues
Slide 22: AI Is Driving Unprecedented Growth Of Data Centers
AI Is Driving Unprecedented Growth Of Data Centers 22 1) Berkeley “2024 United States Data Center Energy Usage Report”, Electric Reliability Council of Texas 74 2023 2028 Data Centers Are Reshaping Electrical Demand 1 ▪ As data centers grow larger, and power density per rack increases significantly
Slide 23: Winning Customers
4 Zinc Winning Customers
Slide 24: Corporate History
24 Corporate History ZincFive M erges With PowerGenix Robust IP portfolio covering NiZn technology and scalable production UL Testing Demonstrates that there is no thermal runaway with ZincFive’s batteries at the cell level New Products & OEM Sales Launched & began shipping the 2nd generation UPS Ba
Slide 25: Total Addressable Market Is Large, Fast Growing And Expanding
Total Addressable Market Is Large, Fast Growing And Expanding 25 Global DC MWs Installed And Annual CAPEX 1 ($B) Non - AI data center MWs installed is expected to grow at 6% per annum from 2025 to 2029 – AI data center MWs installed is expected to grow at 21% per annum over the same period As data c
Slide 26: Demonstrated Capabilities In The Data Center Market
Demonstrated Capabilities In The Data Center Market… 26 ABB works closely with innovative companies to provide customers with sustainable options. Extensive testing has ensured ZincFive’s NiZn batteries meet data center safety, performance, and reliability requirements. The adoption of NiZn technolo
Slide 27: Accelerated Commercial Traction
$29 $65 $90 - $105 2024A 2025A 2026F … Which Translates To Accelerated Commercial Traction… 27 ZincFive’s 2024A – 2026F compound annual growth rate is 84% 1 , with strong growth continuing into 2026 (In $MM unless otherwise stated) Revenue Growth % 126% 38% - 61% 1 2024A – 2026F CAGR: 84.2% 1
Slide 28: Anchored In Strong Backlog Delivering High Confidence In 2026F
$28.7 $65.0 $90.0 - $105.0 2024A 2025A 2026F … Anchored In Strong Backlog Delivering High Confidence In 2026F 28 Commentary ▪ Total contracted backlog stood at $126.5MM as of the end of June 2026 compared to $81.2MM as of the end of December 2025 ▪ Contracted backlog coverage stands at 77% - 90% of
Slide 29: Historical Financials
Historical Financials 29 Unaudited Financial Summary 1H 2025A – 1H 2026A ($MM) 1 ▪ Revenue increased from $34.9 million (1H 2025A) to $38.9 million (1H 2026A), representing 11% growth year - over - year, driven by continued expansion of end - market demand and new customer acquisition ▪ Gross margin
Slide 30: Transaction Overview
y ZincFive 2 <z Transaction Overview _ >
Slide 31: Update On ZincFive's Plan To Go Public
2.8% 17.2% 1.1% 2.5% 2.0% 74.4% SPAC Common Preferred Equity PIPE Bridge Financing Incentive Shares SPAC Founder Shares Convertible Promissory Note Rollover Equity to ZincFive Shareholders Update On ZincFive’s Plan To Go Public 31 DeSPAC Transaction Highlights Pro - Forma Capitalization Table 1 ▪ Zi
Slide 32: Select Public Company Analysis: Battery Peers
7.8x 6.6x 10.5x 18.1x 55.9x $762 $2,021 $1,471 $704 $307 167.9% 92.6% 22.2% (69.3%) 38% - 61% $306 $141 $39 $6 $90 - $105 Select Public Company Analysis: Battery Peers 1 32 Enterprise Value Peers: 14.3x 2026F Revenue Median Median EV / 2026F Revenue 2025A – 2026F Revenue Growth ($MM) ($MM) Peers: 57
Slide 33: Appendix
Appendix
Slide 34: BC Series Battery Cabinet Comparison
BC Series Battery Cabinet Comparison Total Cost of Ownership Comparison Across Battery Technologies Over 15 - Year Evaluation Period Notes Lithium Ion (LMO/NMC) Top Terminal VRLA (1) BC 2 - 500 1500 kW UPS System UPS System 1500 kW Total Site Load 15 TCO Years Evaluated Sized to provide 3min EOL 8 9
Slide 35: Definitions
Definitions 35 Original Equipment Manufacturer OEM Artificial Intelligence AI Operating Expense OPEX Battery Cabinet BC Public Company Accounting Oversight Board PCAOB Battery Energy Storage System BESS Return on Invested Capital ROIC Battery Management System BMS A group of batteries and/or cells c
Slide 36: Risk Factors
Risk Factors Risk Factors The below list of risk factors has been prepared solely for purposes of the proposed private placement transaction (the “Priv ate Placement”) as part of the proposed transaction, and solely for potential investors in the Private Placement, and not for any other purpose. All
Slide 37: Risk Factors (Cont'd)
Risk Factors (Cont’d) Our Business and Industry. Failure to deliver the benefits offered by our technologies, or the emergence of improvements to competing technologies, coul d r educe demand for our products and harm our business. Traditional lithium - ion technologies may have certain actual or pe
Slide 38: Risk Factors (Cont'd)
Risk Factors (Cont’d) Third Parties. We depend on third - party suppliers for the development and supply of key raw materials and components for our energy storage pr oducts. We also depend on vendors for the shipping of our energy storage products. Quality issues or delays in our supply or delivery
Slide 39: Risk Factors (Cont'd): Risks Related to the Business Combination
Risk Factors (Cont’d) Risks Related to the Business Combination Transaction Costs. Both Spark and we will incur significant transaction costs in connection with the Business Combination. Contingencies of Business Combination. The consummation of the Business Combination is subject to a number of con
Slide 40: Risk Factors (Cont'd)
Risk Factors (Cont’d) Compliance with Laws. Changes in laws or regulations or interpretation and application of such laws and regulation, or a failure to comply with any l aws and regulations, may adversely affect us and the Combined Company’s business, including Spark, and our ability to consummate