06:57:19 EDT Thu 28 Sep 2023
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Zinc8 Energy Solutions Inc
Symbol ZAIR
Shares Issued 178,074,985
Close 2023-01-25 C$ 0.24
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Zinc8 receives offer of incentives to build in N.Y.

2023-01-26 11:45 ET - News Release

Mr. Ron MacDonald reports


Zinc8 Energy Solutions Inc. has received approval for a grant from Empire State Development (ESD) of up to $9-million (U.S.) in performance-based excelsior jobs program (EJP) tax credits to incentivize the company to locate and establish its first U.S.-based production facility in New York state. The tax credits are available immediately for a period of up to five years, in whole or part, depending on the level of investment and jobs created.

Once the final site selection has been determined, Zinc8 intends to make a significant investment over a five-year span to automate and build out the site, making this Zinc8's U.S. headquarters and initial production facility. Further to the build out, Zinc8 plans to create up to 500 clean jobs over this period for the local economy with support of the EJP tax credits.

The excelsior jobs program provides job creation and investment incentives to firms in targeted industries such as biotechnology, pharmaceutical, high-tech, clean technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs, or make significant financial investment, are eligible to apply for up to five tax credits. The program encourages businesses to expand in and relocate to New York, while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Program costs are capped annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment.

"We're excited by the level of support and interest we've received towards locating a manufacturing facility and creating jobs in the state of New York," said Ron MacDonald, chief executive officer and president of Zinc8 Energy Solutions. "The EJP tax incentives offered to companies looking to create jobs and help build a green economy is an additional layer of funding that can be utilized concurrently with other financing, including state, municipal and federal funding packages which help companies like Zinc8 access additional sources of capital and expand their business plans. These incentives have made it logical for us to select New York state for our first manufacturing facility and based on the encouragement from government leaders such as New York governor Kathy Hochul, we have decided to focus our efforts to create jobs in the state and help its transition towards a greener economy."

Mr. MacDonald had previously announced in September, 2022, that the company would be setting up its first manufacturing operations in the United States, a direct result of the federal government's passage of the inflation reduction act, which provides generous refundable tax credits for Zinc8's future U.S. production of its zinc-air energy storage systems.

"Governor Hochul has taken a leadership role when it comes to climate change and advanced the United States' most progressive policies in an effort to combat climate change and provide for a greener economy for the state of New York," added Mr. MacDonald. "Having recently outlined the framework for the state of New York to achieve a nation-leading six gigawatts of energy storage by 2030, we commend her efforts in combating climate change. We look forward to playing our part in providing cleaner and sustainable jobs for the state of New York."

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. To learn more about Zinc8's technology, please visit the company's website.

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