Mr. Ron MacDonald reports
ZINC8 ENERGY SOLUTIONS RAISES $1.8 MILLION FROM EXERCISE OF WARRANTS
Zinc8 Energy Solutions Inc. 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 Sept. 4, 2020, for a two-year term, were each exercised into one common share at an exercise price of 30 cents per share. Following the exercise of these warrants, Zinc8's total shares outstanding are 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 chief executive officer of Zinc8 Energy Solutions. "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 (IRA), it is clear to us that the United States aims to become a leader in the manufacturing of clean technology solutions supporting decarbonization, 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 and industrial markets. By using the patented ZESS as a stand-alone technology 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.
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