Zinc-air energy storage technology firm MGX Renewables Inc (CNSX:MGXR) is having a busy January, announcing a partnership with the New York Power Authority (NYPA) and a CAD-3-million (USD 2.3m/EUR 2m) private placement.
MGX, dba Zinc8 Energy Solutions, has been successful in the NYPA Innovation Challenge with a 100 kW/1 MWh zinc-air battery storage project. It will receive for it USD 2.55 million (EUR 2.3m) from NYPA over a period of three years.
The behind-the-meter storage system will be installed at a demonstration site in the state of New York for an existing commercial and industrial (C&I) customer of the power authority.
“Zinc8 and NYPA see this initial collaboration and installation as a reference site for future potential installations that will further demonstrate Zinc8's technology through NYPA's wide variety of customer base in Microgrid, Commercial &Industrial and Utility markets,” Zinc8 said in a press release earlier this month.
A week ago, Zinc8 also announced a non-brokered private placement as part of which it will sell up to 27.27 million units to replenish working capital. A unit consists of one common share and one transferable share purchase warrant.
Zinc8 Energy has developed a patented energy storage system that stores energy in the form of zinc particles. The system can deliver power in the 20 kW - 50 MW range, offering storage duration of 8 hours or more for microgrids and utilities. It does not use high-cost battery commodities such as lithium, vanadium or cobalt and the storage capacity depends only on the size of the zinc storage tank.
(CAD 1 = USD 0.76/EUR 0.69)
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