VANCOUVER, BC / ACCESSWIRE / May 31, 2021 / Zinc8 Energy Solutions Inc. (‘Zinc8‘or the’Company‘) (TSXV: ZAIR) (OTC PINK: MGXRF) (FSE: 0E9) today filed its financial results for the first quarter ending March 31, 2021. For more information on these results, please see Zinc8 Energy Solutions Inc. Declarations and MD&A filed on SEDAR.
Highlights of the first trimester include:
- Completed the quarter ending March 31, 2021 with a working capital balance of over $ 15.5 million.
- In February, closed a private placement of 28,750,000 common shares at a price of $ 0.54 per share for gross proceeds of $ 15,525,000.
After March 31, 2021:
- Host site agreement signed with New York Power Authority (“NYPA”) and University of Buffalo, State University of New York (“UB”). Site selection enables demonstration of a 100 kilowatt / megawatt hour zinc-air battery energy storage system in Buffalo, NY, to level peaks in electricity consumption, increase campus resilience and help training of campus public service personnel. with new energy storage technology.
- Signed a $ 200,000 (US) contract with one of the leading cloud providers to demonstrate its patented zinc-air energy storage (“ZESS”) system and validate and evaluate the storage technology zinc-air long-term energy. Zinc8 technology will be tested for a resilient backup application; The 10-hour kilowatt / 80 kilowatt-hour unit will undergo the required benchmark tests agreed to by the cloud provider to meet its unique use cases in data centers.
- Rented a new 16,000 square foot test and assembly facility to build and perform the tests required to complete the certification of the various battery system levels.
“With the successful first quarter financing, we were able to launch a number of initiatives that bring us closer to commercial production,” said Ron MacDonald, President and CEO of Zinc8 Energy Solutions. As evidenced by the events following the quarter, we have new customers, an on-going fast-build program for several batteries in the new facility, and additional business development opportunities on the horizon. We have specific plans and timelines to certify and test zinc-air energy storage systems during this year with additional catalysts and related milestones that we plan to announce along the way.
“We have a strong balance sheet and understand that we are in the early stages of transforming the energy market,” added MacDonald. “We believe that long-term energy storage solutions will play an important role during this transformation and this fact has been reinforced by the growing demand in the energy storage market. It has taken years for our dedicated team to bring the technology to this point and I believe we have the right solution for the customers and markets that we have identified that are looking to reduce their carbon footprint.
The prospects for long-term energy storage remain solid as the energy transition continues and the demand for reliable electricity grids remains in the spotlight. In the United States, the storage industry has grown significantly in recent years and the Energy Storage Association has said the United States needs 100 GigaWatts of storage by the end of the decade to support the clean energy transition of the energy sector.
According to consulting firm Wood Mackenzie, the global energy storage market topped 15 GW / 27 GWh last year and is expected to grow 27-fold by the end of the decade, adding 70 GWh of storage capacity per year to exceed a total of 729 GWh in 2030. The consulting firm predicts that global spending will reach US $ 86 billion by the middle of the decade. Research firm IHS Markit not only cites 2021 as a record year for battery storage growth, building on the record of over 2.2 GWh of non-residential installed capacity in the fourth quarter of 2020, but also the start of ” a period of sustained growth until 2030 with larger and longer-term public service projects gaining momentum.
In addition, President Biden’s US $ 1.7 trillion infrastructure spending proposal includes a policy that would make stand-alone energy storage projects eligible for the federal investment tax credit, which it claims much, could promote and accelerate private sector investment and help monetize the value of energy storage technology. The Governor of California recently offered funding of US $ 350 million to support long-term, pre-commercial energy storage projects.
About Zinc8 Energy Solutions Inc.
Zinc8 has assembled an experienced team to execute the development and commercialization of a reliable low cost zinc air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for safe and reliable power.
To watch a short video describing Zinc8’s technology, please visit https://zinc8energy.com
Learn more about the Zinc8 Energy Storage System (ESS)
the Zinc8 ESS is a modular energy storage system designed to provide power from 20kW to 50MW with a storage capacity of 8 hours or more. With the benefit of zinc-air rechargeable battery technology, the system can be configured to support a wide range of long-lasting applications for micro-grids and utilities. As the energy storage capacity of the system is determined solely by the size of the zinc storage tank, a very cost effective and scalable solution now exists as an alternative to the fixed power / energy ratio of the lithium-ion battery.
the Zinc8 ESS is based on a unique patented zinc-air battery technology. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system provides energy, the zinc particles are combined with oxygen extracted from the ambient air. When the system recharges, the zinc particles are regenerated and the oxygen is returned to the ambient air.
The flexibility of Zinc8 ESS allows it to serve a wide range of applications. Typical examples include:
- Smoothing of energy derived from renewable sources such as wind and solar
- Commercial / industrial backup replacing diesel generators
- Industrial scale and network, power on demand for peak shaving and standby reserves
- Grid-wide services such as reducing grid congestion, deferring transmission / distribution upgrades, energy trading and arbitrage, and increasing renewable energy penetration.
the Zinc8 ESS is designed on a modular architecture that allows a wide variety of system configurations to be created from a small number of common subsystems. Each subsystem implements a single piece of technology:
- Zinc Regeneration Subsystem (ZRS) performs the recharge function
- The fuel storage subsystem (FSS) provides the energy storage function
- The power generation subsystem (PGS) performs the discharge function
Notice Regarding Forward-Looking Statements
All statements and disclosures, other than those of historical fact, that deal with the activities, events, results, results or developments that Zinc8 Storage foresees or expects Zinc8 Storage to occur or will occur in the future (in whole or in in part) should be considered as forward-looking statements. .
The forward-looking statements contained in this press release include that we can execute the development and commercialization of a reliable zinc-air battery at a low cost; that our mass storage system offers both environmental and efficiency benefits; and that we can help meet the need for safe and reliable energy. Zinc8 Energy Solutions believes that the important factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but there can be no assurance that such factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this press release are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements, including: funds as planned; that our technology is not working as expected or not at all; that our technology is proving too expensive to implement on a large scale; that customers do not adapt our products because they are too complex, expensive, or do not match their current products or plans; our competitors may offer better or cheaper solutions for battery storage; general economic, market and business conditions; increased costs and expenses; inability to retain qualified employees; our patents may not provide protection as intended and we may infringe the patents of others; completion of our planned private placement or are unable to raise all of the funds we seek to raise; and certain other risks detailed from time to time in Zinc8 Energy Solution’s public disclosure documents, copies of which are available on the Company’s SEDAR profile at www.sedar.com. Readers are cautioned that the above list of factors is not exhaustive and should not place undue reliance on these forward-looking statements.
The forward-looking statements contained in this press release are made as of the date hereof and the company assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events. or otherwise, unless required. by applicable securities laws.
Neither the CSE nor any market regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information please contact:
Zinc8 Energy Solutions Inc.
Encourage financial markets
Kristian Schneck / Eric Negraeff
E-mail: [email protected]
SOURCE: Zinc8 Energy Solutions Inc.
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