Mr. Ron MacDonald reports
ZINC8 ENERGY SOLUTIONS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
Zinc8 Energy Solutions Inc. has filed its financial results for the third quarter ended Sept. 30, 2022. For further information on the results, please see Zinc8's auditor-reviewed condensed interim consolidated financial statements and management's discussion and analysis for the period ended Sept. 30, 2022, as filed on SEDAR on Nov. 29, 2022.
Third quarter 2022 highlights include:
Ended the third quarter 2022 with a working capital balance of $4-million;
Announced that the company's inaugural commercial production facility will be based in the United States; based upon comprehensive analysis done by the company, the announced Inflation Reduction Act's manufacturing production credits contained within Section 45X provide distinct and direct benefits to Zinc8 and its production plans in the United States;
On July 8, 2022, the company announced the support from the U.S. Senate Majority Leader Charles E. Schumer (D-NY) for Zinc8 to establish a manufacturing facility in Ulster, New York's former TechCity site location.
"Our decision to commit to the United States for our planned inaugural production facility was made after a long period of analysis," said Ron MacDonald, president and chief executive officer of Zinc8. "We made the conscious decision to employ the resources of consultants who possess a deep understanding of market dynamics both at a federal and state level. Without a doubt, the support that we have received from Senator Schumer is tremendous for Zinc8. This, coupled with the significant financial support available in the United States, presented itself as the most suitable path forward to look to locate an initial production facility. We are excited about our future and look forward to advancing our path towards commercial production."
Zinc8 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 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 an 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.
We seek Safe Harbor.
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