Mr. Ron MacDonald reports
ZINC8 ENERGY SOLUTIONS ANNOUNCES FISCAL YEAR 2022 FINANCIALS
Zinc8 Energy Solutions Inc.'s audited financial statements for the fiscal year ended Dec. 31, 2022, and its fiscal 2022 management's discussion and analysis have been filed on SEDAR. For detailed information on these results, please see Zinc8's fiscal year 2022 financial statements and management's discussion and analysis as filed on SEDAR on April 28, 2022.
Fiscal year 2022 highlights include:
On Sept. 1, 2022, the company 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 (IRA)'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, Zinc8 announced the support from the U.S. Senate Majority Leader Charles E. Schumer (Democrat, New York) for Zinc8 to establish a manufacturing facility in the former TechCity site location in Ulster, N.Y.
On April 19, 2022, the company announced that it had been named a best-in-class solution in the energy storage category for the Real Estate Board of New York's 2022 PropTech challenge.
On Jan. 18, 2022, it was announced the company and partner Digital Energy Corp. signed a host site agreement with Fresh Meadows Community Apartments in Queens, N.Y., to install a 100-kilowatt/1.5-megawatt-hour Zess for the purpose of demonstrating its long-duration energy storage capability that included financial support by the New York State Energy Research and Development Authority (NYSERDA). The Zess will support and enhance the economics of a combined heat and power (CHP) plant, which is currently under construction, along with an existing solar system at the Fresh Meadows Apartments, a site that is owned by Cammeby Realty Corp.
Subsequent to Dec. 31, 2022, highlights include:
On March 15, 2023, Zinc8 announced the approval from the Ulster County Industrial Development Agency (UCIDA) of the issuance of tax-exempt revenue bonds for up to $10-million (U.S.) to undertake the buildout and completion of Zinc8's first commercial manufacturing facility within Ulster county, New York. The Ulster county tax-exempt municipal bonds are subject to various terms and conditions, including limitations on the use of funds and repayment terms and entry into a lease for a manufacturing facility, which has not yet been completed. The terms of the placement of the bonds have not yet been determined, and the company expects placement fees to be paid to the placement agent KeyBanc Capital Markets Inc. in connection with the placement of the bonds.
On Jan. 26, 2023, the company announced the approval by the 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 United States-based production facility in New York State. The performance-based 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 by the company.
"This is an exciting time for Zinc8," said Ron MacDonald, president and chief executive officer of Zinc8. "We're working closely with the New York government, strategic partners and potential customers to help improve the overall economic and environmental picture. This is a powerful combination where business and the environment win, and we're proud to be part of the solution."
"Last year, we saw the Inflation Reduction Act signed into law in the United States. The significant tax incentives available to encourage the production of clean energy equipment by industry players such as Zinc8 are substantial. We have had the support of local and state agencies from the State of New York for several years. Furthermore, the IRA clearly demonstrates the political will of the federal government to support emerging industry, employment and to help decarbonize the economy on a national scale."
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 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.
We seek Safe Harbor.
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