Mr. Ron MacDonald reports
ZINC8 ENERGY SOLUTIONS ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS
Zinc8 Energy Solutions Inc. has released its financial results for the third quarter ended Sept. 30, 2021. For further information on these results, please see Zinc8 condensed consolidated financial statements and management's discussion and analysis as filed on SEDAR.
Third quarter highlights include:
- Ended the third quarter of Sept. 30, 2021, with working capital balance of $11.6-million;
- It has been selected as the energy tech innovator at the WE3 Summit. The WE3 Summit is focused on connecting global thought leaders embracing changing and spearheading a water energy future.
Subsequent to Sept. 30:
- The company announced the relocation of its engineering teams to its newly upgraded and renovated facility in Richmond, B.C., where the construction of multiple test zinc-air energy storage systems (ZESS) for certification to the UL/CSA battery safety standard and demonstration projects is under way.
- Tom Hodgson with over 30 years of senior management experience was appointed to the board of directors.
"We continue to invest in our facility and equipment, and we are adding key personnel, which will help guide us on our path towards the planned commercialization of a 40-kilowatt ZESS in early 2023," said Ron MacDonald, president and chief executive officer of Zinc8 Energy Solutions. "Our engineering teams have been relocated into our new facility, which contain multiple test batteries that will undergo rigorous testing and analysis for systems level evaluation and UL certification. I am confident with our resources and the execution capability of the team at Zinc8, and I look forward to the next phase of our technology development."
The market outlook
Long-duration energy storage continues to play an expanding and increasingly important role in the energy transition as research firm IHS Markit has stated that 2021 marks the start of a period of rapid growth for the global energy storage industry and is forecasting over 12 gigawatts of capacity installations in total this year. Similarly, BloombergNEF has stated that the 2020s are "the energy storage decade," with the world anticipated to exceed one terawatt-hour of installations by the end of the decade with investment of over $260-billion (U.S.).
The Long Duration Energy Storage Council (LDES Council), an industry group launched during the recent United Nations climate change summit in Glasgow, Scotland, released a report that demonstrates the significant potential of a broad group of technologies that can store and discharge energy for eight hours or longer, with the potential of 10 per cent of all electricity generated stored at some stage by 2040. The LDES Council stated that deployment of 85 TWh to 140 TWh of long-duration storage deployed by 2040 could be enough to limit global warming to 1.5 C as outlined in the Paris agreement.
Significant capital remains committed to battery storage as clean energy market research group Mercom Capital said the storage sector attracted $11.4-billion (U.S.) in corporate funding in the first nine months of 2021, an increase of over 350 per cent compared with the same period in 2020.
Zinc8 Energy Solutions focuses on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrid, and commercial and industrial markets. By using the patented ZESS as a stand-alone 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 (eight to 100-plus 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 of 20 kilowatts to 50 megawatts with capacity of eight 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:
- Smoothing energy derived from renewable sources such as wind and solar;
- Commercial/industrial backup replacing diesel generators;
- Industrial and grid scale, on-demand power for peak shaving, and standby reserves;
- Grid-scale services such as alleviating grid congestion, deferring transmission/distribution upgrades, energy trading and arbitrage, and increasing renewable energy penetration.
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:
- 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.
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