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New name, new face: MGX Renewables is now Zinc8 Energy Solutions, with a new CEO to boot

Former Halifax MP Ronald MacDonald is stepping in to lead the company

Zinc
The company said its new name better reflects its zinc-air energy storage system

MGX Renewables Inc (CSE:MGXR) (OTCMKTS:MGXRF) has changed its name to Zinc8 Energy Solutions and brought on a new head man to take the company forward. 

In a statement late Thursday, the company said Zinc8 better highlights the company’s signature Zinc-Air energy storage system, which offers — you guessed it — eight hours of energy storage.

The company will make the change official and update its stock ticker in the coming weeks. 

READ: MGX Renewables to raise up to $3,000,000 to be used for working capital from non-brokered private placement

The new leader to pair with the new name is former politician and energy industry veteran Ron MacDonald, who is taking on the roles of president and CEO. He brings more than 35 years' experience from both the private and public sector.

MacDonald served from 1988 to 1997 as an MP for Halifax, Nova Scotia in the House of Commons of Canada, and in 1996 then-Prime Minister Jean Chrétien named him Parliamentary Secretary of International Trade. 

For five years, he was the CEO of the Council of Forest Industries, the largest lumber manufacturing group in Canada, and more recently, he was president of NRStor Remote Communities and Mines, a Toronto-based company that works with indigenous populations to develop renewable energy projects.

MacDonald has served on the company’s board of directors since February.

Investors responded positively to the news, with MGX Renewables' stock in Toronto jumping over 21% higher to $0.28 in morning trading.

 -- Adds stock price --

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: MGX Renewables

Price: 0.165 CAD

CSE:MGXR
Market: CSE
Market Cap: $7.78 m
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