Preheat the oven to 350°F (175°C).
1 Drain the shredded zucchini: Set the shredded zucchini to drain in a sieve over a bowl. If no moisture drains out and the zucchini feels dry, sprinkle some water over it and let the excess drain.
2 Whisk together dry ingredients: Vigorously whisk together the flour, cocoa, baking powder, soda, salt, and cinnamon in a bow, and set aside.
3 Mix wet ingredients: With a mixer, beat together the butter and the sugars until smooth. Add the eggs to the butter and sugar mixture one at a time, beating well after each addition. With a wooden spoon, stir in the vanilla, orange peel, and zucchini.
4 Mix dry with wet ingredients to make batter: Alternately stir in the dry ingredients and the milk into the zucchini mixture, including the nuts with the last addition.
5 Prep pan, add batter: Spray the inside of a 10-inch bundt pan or tube pan lightly with cooking spray (or grease with butter). Wipe off the excess. Pour in the batter and use a rubber spatula to level the top of the batter.
6 Bake: Bake in the oven at 350°F (175°C) for about 50-55 minutes or until a wooden pick inserted in the center comes out clean (test at 45 min).
Cool in pan 15 minutes; turn out on wire rack to cool thoroughly.
7 Make glaze: Make the glaze by mixing together the glaze ingredients. You can easily do this by hand with a whisk or a spoon. If the glaze is too runny, add some more powdered sugar. If too thick, add more milk.
8 Drizzle glaze over cake.
Cut in thin slices to serve.
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