Zn²⁺ plates as zinc metal on the negative electrode; Br⁻ is oxidised to Br₂ on the positive side and is held in an orange polybromide phase via the complexing agent. The reactions reverse during discharge to deliver power.
$$E = c\,V_e \cdot z\,F \cdot V_{\text{cell}},\qquad \rho_E = \frac{E}{V_e}$$
Stored energy E and volumetric energy density ρ_E. c: ZnBr₂ concentration, V_e: electrolyte volume, z=2 (electrons), F=96485 C/mol, V_cell: average cell voltage.
$$V_{\text{op}} = V_{\text{ocv}} - j\,R_{\Omega},\qquad P = I\cdot N\,V_{\text{op}}$$
Operating cell voltage V_op (j: current density, R_Ω: areal resistance ≈ 0.7 Ω·cm², V_ocv = 1.85 V) and stack power P (I: current, N: total series cells).
$$\eta_{\text{RT}} = \eta_{\text{C}} \cdot \eta_{\text{V}} \cdot \eta_{\text{aux}}$$
Round-trip efficiency is the product of coulombic (≈90%), voltage (V_op / V_ocv) and auxiliary (≈95%) efficiencies.