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MGX Renewables Inc
Symbol MGXR
Shares Issued 75,711,374
Close 2020-03-10 C$ 0.365
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MGX Renewables to install storage system in Brooklyn

2020-03-11 01:53 ET - News Release

Mr. Ron MacDonald reports

ZINC8 ENERGY SOLUTIONS INC. ANNOUNCES ITS FIRST PRIVATE SECTOR DEPLOYMENT AGREEMENT WITH DIGITAL ENERGY CORP TO INSTALL A ZINC-AIR ENERGY STORAGE SYSTEM IN NEW YORK CITY

MGX Renewables Inc., doing business as Zinc8 Energy Solutions, has provided this corporate update:

  • First private-sector deployment agreement signed with Digital Energy Corp. to install a 100-kilowatt/1.5-megawatt-hour zinc-air energy storage system in Brooklyn, N.Y.;
  • $2.5-million project development being financially supported by the New York State Energy Research and Development Authority (NYSERDA).

Zinc8 Energy Solutions is pleased to announce a deployment agreement with Digital Energy, a New York-based private-sector developer of combined heat and power (CHP) plants, solar systems and microgrids. This agreement is financially supported by The New York State Energy Research and Development Authority, known as NYSERDA, for the installation of a 100-kilowatt/1.5-megawatt-hour zinc-air energy storage system in Brooklyn, N.Y.

Established in 1975, NYSERDA is a New York State public-benefit corporation that promotes energy efficiency and the use of renewable energy sources. Collectively, NYSERDA's efforts aim to reduce greenhouse gas emissions, accelerate economic growth and reduce customer energy bills.

The Zinc8 energy storage system will support and enhance the economics of a CHP system currently operating at Brooklyn, N.Y. NYSERDA is financially supporting this project deployment of $2.5-million, with a $600,000 contribution as the result of a call for proposals. In addition, NYSERDA has chosen Digital Energy and Zinc8 as the energy storage system manufacturer to demonstrate the economics and reliability of Zinc8's patented zinc-air battery technology for low-cost long-duration storage in a behind-the-meter application.

"This deployment marks a major milestone in Zinc8 Energy Solutions' path to full commercialization and underscores the growing demand for low-cost reliable long-duration energy storage," stated Ron MacDonald, president and chief executive officer of Zinc8 Energy Solutions.

Despite advances in storage technology and ever increasing numbers of deployments, several technological optimization opportunities still exist, including hardware cost reductions, enhanced system performance (efficiency, life cycle and thermal stability), and integration field testing with the grid and other applications. Improving and optimizing these areas will accelerate the growth of energy storage deployment. This project is focused on advancing, developing and field testing the Zinc8 storage technology that will address cost, performance and integration challenges in New York State.

"Digital Energy and Integrated Energy Concepts are excited about working with Zinc8 Energy on the development and deployment of the Zinc8 energy storage system. The Zinc8 system addresses several critical needs of on-site electric energy storage: price point economics, system robustness under real-world use and safety. We see the Zinc8 system as very promising for integration into our existing and developing customer base of over 100 on-site power plants, solar systems and microgrids," said William Cristofaro, president and chief executive officer of Digital Energy.

"We are very pleased to be working with the well-respected U.S. interconnect company Digital Energy Corp., who believes, as we do, that this new technology will open up a huge global opportunity for behind-the-meter, microgrid and utility-scale long-duration energy storage," stated Mr. MacDonald.

This is the second major installation announcement within seven weeks for Zinc8 Energy Solutions. On Jan. 17, 2020, the New York Power Authority (NYPA) selected Zinc8 Energy Solutions as a winner of the innovation challenge, which will see the installation of a 100-kilowatt/1.5-megawatt-hour zinc-air energy storage system in New York State.

Within weeks of announcing the collaboration with NYPA (the largest public power organization in the Unites States), the company is announcing a second project with Digital Energy (a private-sector developer), which has a pipeline of over 100 potential projects. This underscores the belief at Zinc8 Energy Solutions that its technology could be transformative in significantly improving the economics of long-duration energy storage.

Under the deployment agreement with Digital Energy, not only will Zinc8 and Digital work together on the Brooklyn project, but Digital and Zinc8 will try to refer other projects to each other for joint proposals. As compensation for referring the Brooklyn project, Zinc8 will grant to Digital options and will make certain payments to Digital in Zinc8 shares on achieving milestones for the Brooklyn project.

About MGX Renewables Inc.

MGX Renewables (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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