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Zinc8 Energy Solutions' technology selected to join prestigious accelerator program; appoints new CFO

Published: 07:55 01 Dec 2020 EST

Zinc8 Energy Solutions -
The company's ESS is a long-duration (8-100 hours) storage solution with a unique architecture that allows storage capacity to be extended with a minimal marginal cost

Zinc8 Energy Solutions Inc (CSE:ZAIR) (OTCMKTS:MGXRF) (FRA:0E9) told investors on Tuesday that being selected for a prestigious accelerator program aimed at reducing global carbon emissions will help speed the path to full commercialization of its technology in 2023.

The tech group, which filed its third-quarter results on Monday, said its zinc-air battery energy storage system has been selected from 621 start-ups in 61 countries to join an initial cohort for the Rocky Mountain Institute and Nexus Energy's ‘Third Derivative' Accelerator Program.

READ: Zinc8 Energy Solutions reaches milestone as its poised to deliver its energy system to unique architectural project in BC

The company's ESS is a long-duration (8-100 hours) storage solution with a unique architecture that allows storage capacity to be extended with a minimal marginal cost. We believe that Zinc-Air flow batteries are an emerging and important form of long-duration power storage that is needed to facilitate high penetration of renewables," said Dr Cyril Yee, Third Derivative's Head of Investments and Research in a statement.

"Zinc8's innovative use of low-cost zinc, thousands of hours of successful pilot-scale demonstrations and upcoming commercial-scale demonstrations in real-world settings sets it apart from other long-duration technologies," he added.

Zinc8 CEO Ron MacDonald commented: "Harnessing the global network of Third Derivative and its founders, partners, and resources will certainly accelerate our path to full commercialization in 2023."

After the market close on Monday, Zinc8 said it had filed its third-quarter financial results to end-September 2020, in which it also reported the appointment of Sorin Spinu as its new chief financial officer as of  December 1 this year, succeeding Dr Michael Reimann, who is leaving to pursue other opportunities.

The group noted that Spinu has over 16 years' experience in senior accounting and finance positions across diverse industries and joined Zinc8 as its Treasurer in May 2018.

Zinc8 also said in the results statement that a global energy transition was now well underway as countries increasingly commit to a net-zero carbon emission future. According to the International Energy Agency (IEA), renewable energy will become the largest source of global electricity generation by 2025.

"2020 has been a transformational year for Zinc8 as we continue our path towards the commercialization of our innovative long-duration battery technology," MacDonald told investors in the results statement.

"We believe there is a significant market opportunity and the deployment of our zinc-air energy storage system this December in Surrey, BC, followed by other US deployments, will be showcase events."

Among the corporate highlights in the three months to September 30, was the closing of a private placing at C$0.16 a unit for gross proceeds of C$1.4 million and the striking of an agreement in principle with India-based manufacturer Vijai Electricals Ltd over potential future joint venture deals in the power-hungry country. The pair will also explore the potential of manufacturing components of the Zinc-Air System in India.

Zinc8 has developed innovative battery technology that uses zinc and air as fuel. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles combine with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.

Contact the author at giles@proactiveinvestors.com

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