MGX Renewables Inc (CSE:MGXR) made its trading debut Monday, under the ticker symbol MGXR on the Canadian Securities Exchange as an independent entity after a spin-out from MGX Minerals Inc.(CSE:XMG) (OTCMKTS:MGXMF).
The firm has developed a patented zinc-air flow battery technology, called the MGXR energy storage system.
The system is flexible and can be used in a range of applications, which include renewables storage, such as wind, solar and tidal, commercial and industrial backup applications, which could replace diesel generators, grid-scale energy storage and industrial-scale on-demand power.
"MGXR has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery," noted the firm in a release. "This mass storage system offers both environmental and efficiency benefits. MGXR strives to meet the growing need for secure and reliable power."
Powerful system, multiple patents
The company's modular energy storage system is designed to deliver power in the range of 20 kilowatts to 50 megawatts and energy storage in the range of 120 kilowatt hour to 1 gigawatt hours over an extended time period.
The firm has 20 patents granted already, with another four in progress.
The firm's technology resolves the intermittent and unpredictable nature of renewable energy sources, such as wind and solar, with a cost-effective solution for energy storage.
When it comes to the technology, energy is stored in the form of zinc particles, similar in size to grains of sand. When the system delivers power, zinc particles are combined with oxygen, which is drawn from surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
The firm says the rechargeable zinc-air battery technology is flexible and can be configured in multiple ways, to support a range of discharge power, recharge power and duty cycle requirements.
Shares of MGX Renewables Inc were at C$0.14 on Monday.
Contact Katie Lewis at [email protected]