~Company sees continued shareholder support~
Zinc8 Energy Solutions Inc. (CSE: ZAIR) (OTC: ZAIRF) (FSE: 0E9) is pleased to announce that it has raised $1,818,806 in gross proceeds from the exercise of 6,062,688 warrants over the past few weeks. The warrants which were issued on September 4, 2020 for a two year term were each exercised into one common share at an exercise price of $0.30 per share. Following the exercise of these warrants, Zinc8’s total shares outstanding is approximately 161 million shares.
“Raising over $1.8 million through the exercise of these warrants over the last few weeks not only adds to our cash position, but reinforces the support that we have received from our shareholders,” commented Ron MacDonald, President and CEO of Zinc8 Energy Solutions Inc. “We appreciate the investors’ support to achieve our developmental goals as we progress on our path towards full commercialization of our zinc-air energy storage systems.”
“With President Joe Biden signing into law the Inflation Reduction Act, it is clear to us that the United States aims to become a leader in the manufacturing of clean technology solutions supporting decarbonisation, energy security and economic growth. These support programs, coupled with the support of high-profile figures such as Senator Schumer, has recently led us to the decision to locate and build an initial production facility for Zinc8’s energy storage systems in the United States.”
Zinc8 Energy Solutions focuses on developing and commercializing its low-cost, long duration ZESS for utilities, microgrid, and Commercial & Industrial markets. By using the patented ZESS as a standalone or an enabling technology, it allows opportunities for peak demand reduction, time-of-use arbitrage, and participation in both the value stacking programs and the distributed long-duration energy storage space, all in conjunction with the opportunity for a significant reduction in carbon footprint. The long duration (8-100+ hours) ZESS has no fire and explosion risk, has no capacity fade over extensive lifetime, and offers complete charge operational flexibility.
About Zinc8 Energy Solutions Inc. Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power.
More about the Zinc8 Energy Storage System
The Zinc8 ESS is a modular Energy Storage System designed to deliver power in the range 20kW – 50MW with capacity of 8 hours of storage duration or higher. With the advantage of rechargeable zinc-air flow battery technology, the system can be configured to support a wide range of long-duration applications for microgrids and utilities. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium-ion battery.
The Zinc8 ESS is based upon unique patented zinc-air battery technology. 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 are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
The flexibility of the Zinc8 ESS enables it to service a wide range of applications. Typical examples include:
The Zinc8 ESS is designed according to a modular architecture that enables a wide variety of system configurations to be created from a small number of common subsystems. Each subsystem implements a single element of the technology:
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We acknowledge the [financial] support of the Government of Canada.