VANCOUVER, BC / ACCESSWIRE / September 21, 2020 / Zinc8 Energy Solutions Inc. ("Zinc8" or the "Company") (CSE:ZAIR)(OTC PINK:MGXRF)(FSE:0E9) is pleased to announce that it has signed an agreement in principle (the "Agreement") with Vijai Electricals Ltd from Hyderabad, India ("Vijai"). The parties have agreed to explore joint-venture projects concerning the deployment of Zinc8's patented Zinc-Air Energy Storage System. Additionally, they have agreed to explore the potential of manufacturing components of the Zinc-air Energy Storage System in India. Vijai, with close to 50 years of industry experience, has established global partners and an extensive distribution network in over 40 countries, as well as an established customer base, which is being examined as a potential pipeline of projects for the Zinc8 system.
Vijai is a proven high-quality technology and manufacturing company that has successfully partnered with globally branded companies to deliver top notch products to its customers. "I have been impressed by Vijai's 47-year track record in distributed energy and manufacturing, its commitment to quality, and its trusted partners in India and over 40 other countries. This Agreement is an important step as Zinc8 enters the global long duration energy storage market" said Ron MacDonald, President and CEO of Zinc8 Energy Storage Inc.
"Vijai is happy to work with Zinc8, a pioneer in cost effective Battery Energy Storage System (BESS) for longer durations. With Vijai's extensive manufacturing strength and the advantage of India's educated and relatively inexpensive workforce, we are confident that this solution will go a long way to serve the needs of long duration BESS. For countries like India which need round the clock renewable energy systems, it is expected that Zinc8 BESS would fill the need in an effective way. Vijai, with its past experience of successfully serving export utility markets around the world, will be proud to work towards fulfilling this need." said Dasari Jai Ramesh, Chairman of Vijai Electricals Ltd.
About Vijai Electricals Ltd.
Vijai Electricals Ltd. has a long history of transformer manufacturing in India. They are headquartered in Hyderabad, India. They have been active in the distributed energy and grid space for close to 50 years, having been established in 1973. Vijai is a manufacturer of electrical distribution transformers and small power transformers. Vijai Electricals has played a significant role in the global market development of Amorphous Metal Core Distribution Transformers (AMDT) which are energy efficient. They also manufactured extra high voltage transformers up to 400kV, 315 MVA for large scale power generation and transmission applications and, world's highest voltage class 1200kV, 333 MVA single phase for Indian system R&D purposes. Vijai Electricals also manufactures conductors up to 800kV system and aerial bunched cables. Vijai have been a strong Engineering, Procurement and Construction player for electrical transmission and distribution projects, overhead and underground, in India and abroad. In addition, Vijai is foraying into smart metering solutions.
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 watch a short video outlining Zinc8's technology, please visit: https://zinc8energy.com
More about the Zinc8 Energy Storage System (ESS)
The Zinc8 ESS is a modular Energy Storage System designed to deliver power in the range 20kW - 50MW with capacity of 8 hours of storage duration or higher. With the advantage of rechargeable zinc-air flow battery technology, the system can be configured to support a wide range of long-duration applications for microgrids and utilities. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium ion battery.
The Zinc8 ESS is based upon unique patented zinc-air battery technology. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
The flexibility of the Zinc8 ESS enables it to service a wide range of applications. Typical examples include:
Smoothing energy derived from renewable sources such as wind and solar
Commercial/Industrial backup replacing diesel generators
Industrial and grid scale, on-demand power for peak shaving and standby reserves
Grid-scale services such as alleviating grid congestion, deferring transmission/distribution upgrades, energy trading and arbitrage, and increasing renewable energy penetration.
The Zinc8 ESS is designed according to a modular architecture that enables a wide variety of system configurations to be created from a small number of common subsystems. Each subsystem implements a single element of the technology:
The Zinc Regeneration Subsystem (ZRS) provides the recharging function
The Fuel Storage Subsystem (FSS) provides the energy storage function
The Power Generation Subsystem (PGS) provides the discharging function
Notice Regarding Forward Looking Statements
This news release contains certain statements or disclosures relating to Zinc8 Energy Solutions that are based on the expectations of its management as well as assumptions made by and information currently available to Zinc8 Energy Solutions which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Zinc8 Storage anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking statements.
Forward looking statements in this press release include that we can execute the development and commercialization of a dependable low cost zinc-air battery; that our mass storage system offers both environmental and efficiency benefits; that we will work jointly with Vijai on various projects; and that we can help meet the needs for secure and reliable power. Zinc8 Energy Solutions believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: that our LOI with Vijai doesn't result in any definitive agreement, and even if it does, that no joint projects or sales are undertaken; that our technology fails to work as expected or at all; that our technology proves to be too expensive to implement broadly; that customers do not adapt our products for being too complex, costly, or not fitting with their current products or plans; our competitors may offer better or cheaper solutions for battery storage; general economic, market and business conditions; increased costs and expenses; inability to retain qualified employees; our patents may not provide protection as expected and we may infringe on the patents of others; and certain other risks detailed from time to time in Zinc8 Energy Solution's public disclosure documents, copies of which are available on the Company's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the CSE nor any Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information please contact:
Incite Capital Markets
Kristian Schneck / Eric Negraeff
Zinc8 Energy Solutions Inc.
Email: [email protected]
SOURCE: Zinc8 Energy Solutions