Mr. Ron MacDonald reports
ZINC8 ENERGY SOLUTIONS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
Zinc8 Energy Solutions Inc. has filed its financial results for the first quarter ended March 31, 2023. 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 March 31, 2023, as filed on SEDAR on May 30, 2023.
First quarter 2023 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.) with respect to the buildout of Zinc8's proposed 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 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.
On Jan. 11, 2023, Zinc8 announced the receipt of advisory services and up to $500,000 in funding from the National Research Council of Canada industrial research assistance program.
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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