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MGX Renewables Inc
Symbol MGXR
Shares Issued 47,123,529
Close 2020-01-17 C$ 0.265
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MGX to install zinc-air battery system in N.Y. for NYPA

2020-01-17 12:33 ET - News Release

Mr. Ron MacDonald reports


MGX Renewables Inc. (doing business as Zinc8 Energy Solutions) has provided a corporate update.

Zinc8 Energy Solutions is excited to announce a co-operation agreement with the New York Power Authority (NYPA) for the installation of a 100-kilowatt/one-megawatt-hour zinc-air battery energy storage system in New York.

The New York Power Authority, the largest state public power organization in the United States, will collaborate with Zinc8 Energy Solutions, a developer and manufacturer of long-duration, low-cost zinc-air energy storage solutions, in a joint development project to help advance New York Governor Andrew Cuomo's Green New Deal by achieving the aggressive energy storage goal of three gigawatts by 2030 and by supporting a nation-leading commitment of 100 per cent electricity from emission-free sources by 2040.

Gil C. Quiniones, NYPA president and chief executive officer, commented: "NYPA is pleased to be working with Zinc8 on an innovative technology that can help achieve the state's targets for energy storage. This partnership will showcase a low-cost, long-duration solution that addresses the unpredictability of renewable energy resources, such as wind and solar, and offers environmental and efficiency benefits."

Under the co-operative agreement between the NYPA and Zinc8, the NYPA will contribute a total of $2.55-million (U.S.) to the project over a three-year period. The 100-kilowatt/one-megawatt-hour behind-the-meter energy storage system will be installed at a demonstration site in New York for an existing commercial and industrial customer of the NYPA.

Zinc8 Energy Solutions president and chief executive officer Ron MacDonald commented: "This collaboration with the New York Power Authority is a milestone in Zinc8 Energy Solutions' path to full commercialization and underscores the growing demand for low-cost, reliable, long-duration energy storage. This unique opportunity with NYPA not only helps Zinc8 contribute to the rapid advancement of clean energy in New York State, but also opens the door for Zinc8 to deploy its technology into the broader utility market."

Zinc8 Energy Solutions developed a patented zinc-air energy storage system that efficiently stores energy in the form of zinc particles and contains none of the traditional high-cost battery commodities, such as lithium, vanadium or cobalt. The technology allows for low-cost mass storage of energy and can be deployed into a wide range of scalable energy storage applications.

The project, selected as a winner through the NYPA Innovation Challenge, will be able to: provide backup power; help to level grid demand; and move the state further toward a carbon-free electric grid supported by renewable energy resources. In addition, the NYPA selected Zinc8 Energy Solutions' zinc-air battery technology to help demonstrate energy storage and demand management that can help build longer-duration flexibility (eight hours plus) into the grid and optimize the role these resources play.

The NYPA and Zinc8 are currently considering several potential sites in New York for the demonstration of the zinc-air energy storage system to help benefit New York's efforts to achieve carbon neutrality and advance the state's move to a clean energy future. Zinc8 and the NYPA see this initial collaboration and installation as a reference site for future potential installations that will further demonstrate Zinc8's technology through the NYPA's wide variety of customer base in the microgrid, commercial, industrial and utility markets.

About MGX Renewables Inc.

MGX Renewables has assembled an experienced team to execute the development and commercialization of a dependable, low-cost zinc-air battery. MGX Renewables strives to meet the growing need for secure and reliable power.

We seek Safe Harbor.

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