VANCOUVER, British Columbia, Oct. 03, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to announce that its wholly owned subsidiary ZincNyx Energy Solutions, Inc. (“ZincNyx”) has released preliminary datasheet specifications for its product line of next generation zinc-air energy storage systems. Details are as follows:
ZincNyx Energy Storage System
The ZincNyx ESS is a modular Energy Storage System designed to deliver backup power in the range 5 to 100 kW over extended periods of time. With the advantage of rechargeable zinc-air fuel cell technology, the system can be configured to support a wide range of discharge power, recharge power and duty cycle requirements. Since the energy storage capacity of the system (kWh) is determined only by the size of the fuel tank, a very cost-effective solution is available for long-duration applications such as renewables firming and emergency backup. An independent Battery Management System enables the system to be configured for any AC/DC, load/source environment.
The ZincNyx ESS is based upon ZincNyx’s unique and patented zinc-air fuel cell 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, the zinc particles are regenerated and the oxygen is returned to the surrounding air.
The flexibility of the ZincNyx ESS enables it to service a wide range of applications. Typical examples include:
- Firming renewable energy sources such as wind, solar and tidal
- Enabling optimum operation of diesel generator sets servicing fluctuating loads
- Replacing diesel generators for emergency backup services
- Providing long duration backup for telecommunication sites
- Smoothing the load presented by vehicle charging systems
The ZincNyx 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:
- The Zinc Regeneration Subsystem (ZRS) provides the recharging function
- The Fuel Storage Subsystem (FSS) provides the energy storage function
- The Power Generation Subsystem (PGS) provides the discharging function
PGM-5000 Power Generation Module
The ZincNyx PGM-5000 is a power generation module that combines oxygen from the atmosphere with zinc particles drawn from a storage tank to generate electricity. It is composed of 24 bipolar plates connected in series to produce a nominal 24 Volt output. The unit is constructed of Noryl plastic and is fitted with SurLok connectors for quick electrical installation. Optional instrumentation includes an embedded microprocessor control system and associated voltage, temperature and pressure sensors.
The PGM-5000 is a key component of ZincNyx’s unique and patented zinc-air energy storage system. In this system, 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 in the Power Generation Module (PGM).
ZRM-4500 Zinc Regeneration Module
The ZincNyx ZRM-4500 is a zinc regeneration module that uses electricity to extract zinc particles from a potassium zincate solution. It is composed of up to 18 bipolar plates connected in series and driven from a nominal 60 Volt input. The unit is constructed of Noryl plastic and magnesium alloy and is fitted with SurLok connectors for quick electrical installation. Optional instrumentation includes an embedded microprocessor control system and associated voltage sensors.
The ZRM-4500 is a key component of ZincNyx’s unique and patented zinc-air energy storage system. In this system, energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is recharging, the zinc particles are regenerated and the evolved oxygen is returned to the surrounding air by the Zinc Regeneration Module (ZRM).
Update on Spin-Off of ZincNyx
The Company is also pleased to provide an update on the proposed spin out of ZincNyx into a publicly traded company (the “Transaction”). An additional dividend date will be set shortly in which MGX shareholders of record will receive an additional 7% of payment in kind of ZincNyx shares, modifying the total amount whereas 60% of outstanding shares will be owned by MGX and 40% will be paid as a dividend to MGX shareholders. The Prospectus is expected to be filed this month and ZincNyx is now planning on going public by way of Initial Public Offering.
Further to the Prior Release (see press release dated April 3, 2018), MGX intends for ZincNyx to become a standalone company following the spin out by way of a dividend in kind of ZincNyx shares by MGX. The Proposed Distribution is expected to be made by way of ZincNyx filing a prospectus (the “Prospectus”) with securities regulatory authorities in the jurisdictions where MGX is a reporting issuer (the “Securities Regulators”) in order to qualify the Proposed Distribution of ZincNyx Shares to MGX Shareholders such that the ZincNyx shares to be delivered under the Proposed Distribution are not expected to be subject to any statutory hold periods. The Proposed Distribution will not occur unless or until a receipt for the final Prospectus is obtained from the Securities Regulators. The Company has not yet made any application to list the ZincNyx Shares for trading on an exchange, no market currently exists for the ZincNyx Shares, and the Prior Release is qualified in its entirety by this news release.
The Prospectus will constitute a public offering of the ZincNyx Shares only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The ZincNyx Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States, unless pursuant to an exemption from such laws.
For more information on ZincNyx, please refer to the Prior Release and the Company’s other news releases, dated December 13, 2017, December 18, 2017, January 9, 2018, January 30, 2018, February 1, 2018, February 7, 2018 and March 12, 2018, available on the Company’s profile on SEDAR at www.sedar.com and at www.mgxminerals.com.
About ZincNyx Energy Solutions
ZincNyx has developed a patented regenerative zinc-air flow battery that efficiently stores energy in the form of zinc particles and contains none of the traditional high cost battery commodities such as lithium, vanadium, or cobalt. The technology allows for low cost mass storage of energy and can be deployed into a wide range of applications.
Unlike conventional batteries, which have a fixed energy/power ratio, ZincNyx’s technology uses a fuel tank system that offers flexible energy/power ratios and scalability. The storage capacity is directly tied to the size of the fuel tank and the quantity of recharged zinc fuel, making scalability a major advantage of the flow battery system. In addition, a further major advantage of the zinc-air flow battery is the ability to charge and discharge simultaneously and at different maximum charge or discharge rates since each of the charge and discharge circuits is separate and independent. Other types of standard and flow batteries are limited to a maximum charge and discharge by the total number of cells as there is no separation of the charge, discharge and storage components.
The ZincNyx mission is to provide cost effective, long duration and reliable energy storage systems for markets involving renewables firming, peak shaving, diesel generator replacement, telecom facility back-up, electrification of ferries and tug boats and electric vehicle charging support. With a portfolio of 20 granted patents and an experienced management team, ZincNyx has begun mass production (see press release August 9, 2018). To learn more about ZincNyx technology visit www.zincnyx.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in lithium, magnesium and silicon assets throughout North America. Learn more at www.mgxminerals.com.
President and CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Photos accompanying this announcement are available at
© 2019 Canjex Publishing Ltd. All rights reserved.