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Zinc8 Energy Solutions reported its third quarter financial results ending September 30, 2021, with a working capital of $11.6 million. The company continues to enhance its operational capacity, relocating engineering teams to a new facility in Richmond, BC, where it is developing multiple test zinc-air energy storage systems (ZESS). Zinc8 aims for the commercialization of a 40kW ZESS in early 2023. The energy storage market is projected to grow significantly, with over $260 billion in investments anticipated by the end of the decade.
Zinc8 Energy Solutions has relocated its engineering teams to a newly upgraded facility in Richmond, BC, where construction of zinc-air energy storage systems (ZESS) is in progress for UL/CSA certification. This facility supports multiple engineering teams and the development of a certified 40-kilowatt ZESS, targeting initial production in early 2023. Key upgrades to the cathode production facility will enhance cathode output for future cell stack needs. The company aims to capitalize on opportunities in the energy storage market, particularly in New York State.
Zinc8 Energy Solutions Inc. announces a trading symbol change for its common shares on the OTC Markets. Effective June 28, 2021, shares will trade under the new symbol ZAIRF, aligning with its name change from 2020. The decision aims to reflect growing interest from U.S. investors, as Zinc8 continues to focus on developing its low-cost zinc-air battery technology. The company also trades on the Canadian Securities Exchange under ZAIR and on the Frankfurt Stock Exchange under 0E9.
Zinc8 Energy Solutions Inc. announced the issuance of 116,279 common shares to settle a litigation claim from Market One Media Group Inc. related to a contract from 2019. The Settlement Agreement, finalized on June 1, 2021, releases Zinc8 from all claims in exchange for the shares, which will be subject to a four-month hold period. Zinc8 is dedicated to developing low-cost zinc-air battery technology aimed at enhancing energy storage and reliability.
Zinc8 Energy Solutions Inc. (OTC PINK:MGXRF) announced its first quarter 2021 financial results, revealing a working capital balance of over $15.5 million. In February, the company successfully closed a private placement offering, raising $15,525,000. Key developments include signing a host site agreement for a demonstration project with the New York Power Authority and a $200,000 contract to validate its patented zinc-air energy storage technology. The company is focused on commercial production and has plans for testing and certification throughout the year.
Zinc8 Energy Solutions has made significant strides towards commercialization, highlighted by its fiscal year 2020 financial results and recent contract achievements. The company successfully closed an oversubscribed private placement raising $15.5 million. Notable corporate highlights include partnerships with SmartConsult and participation in prestigious accelerator programs. Zinc8 is setting up a new 16,000 sq. ft testing facility, aiming for small-scale production by Q4 2022. Projected revenues from initial production could reach between $6 million and $20 million.
Zinc8 Energy Solutions has signed a contract worth US$200,000 with a major cloud provider to demonstrate its patented Zinc-air Energy Storage System (ZESS). The project aims to validate the technology for resilient backup applications in data centers, utilizing a 10kW/80kWh unit over 11 months. The demonstration will compare ZESS against traditional generators and highlight its potential for long-duration energy storage, addressing a growing demand for sustainable, low-cost solutions in the industry.
Zinc8 Energy Solutions Inc. (OTC PINK:MGXRF) announced a significant collaboration with the New York Power Authority (NYPA) to deploy its patented Zinc-air Energy Storage System (ZESS) at the University at Buffalo. This system, featuring a 100kW/1MWh capacity, represents a pioneering long-duration energy storage solution in New York State, aimed at enhancing renewable energy integration and providing peak shaving capability. Zinc8's President and CEO, Ron MacDonald, emphasized the project's role in elevating energy sustainability and the company's path to commercialization.
Zinc8 Energy Solutions Inc. (CSE:ZAIR, OTC PINK:MGXRF, FSE:0E9) has granted 7,275,000 stock options to its directors, officers, employees, and consultants, exercisable for up to five years at $0.62 per share. Zinc8 focuses on developing a low-cost, efficient zinc-air battery system, targeting various applications in renewable energy and grid services. The Zinc8 Energy Storage System offers significant scalability and efficiency advantages, making it a promising alternative to lithium-ion options.
Zinc8 Energy Solutions announced the closing of a private placement offering, raising $15,525,000 by issuing 28,750,000 common shares at $0.54 per share. The offering included participation from the management team and was exempt from certain minority shareholder approval requirements. Proceeds will support the development and commercialization of its patented zinc-air battery, business development, and general working capital. The shares will be subject to a 4-month hold period under Canadian securities laws.
