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MGX Minerals to Acquire Vancouver-based Zinc Air Battery Developer ZincNyx Energy Solutions
Monday, January 15, 2018Company Profile | Follow Company
Vancouver, BC, January 15, 2018--(T-Net)--ZincNyx and MGX Minerals Inc. (CSE: XMG) have announced the signing of a definitive agreement in which MGX will acquire all issued and outstanding shares of ZincNyx. Upon closing of the Agreement ZincNyx will become a 100% owned subsidiary of the Company.
“We are delighted to become part of the MGX family of Companies,” said ZincNyx President and CEO Suresh Singh. “We look forward to accelerating our commercialization efforts and contributing towards making MGX a leader in the energy storage space. ZincNyx's relationship with MGX will provide wider exposure to the market and improve our access to strategic partners.”
ZincNyx Energy Solutions, Inc. is a Vancouver-based company that has developed a modular energy storage system (ESS) designed for energy storage in the 5 kW to 1 MW range for extended periods of time.
This innovative regenerative zinc-air flow battery can be scaled from kilowatt to megawatt range to provide low cost energy storage.
ZincNyx has developed a patented regenerative zinc-air fuel cell battery technology 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 applications, including:
Development of modular beta units is complete with manufacturing plan of scale-up units underway. ZincNyx expects to deploy demonstration units in early to mid-2019.
“By acquiring ZincNyx, MGX advances its mission of accelerating emerging energy and energy commodity technologies that disrupt the status quo,” said MGX Minerals President and CEO Jared Lazerson. “ZincNyx aims to bring energy storage to mass market through its patented zinc air technology, which offers lower-cost, long duration batteries capable of simultaneous charge and discharge. MGX is proud to be a part of a fundamental shift from traditional high cost and difficult to acquire commodities such as lithium, vanadium and cobalt to low cost zinc in residential, remote and mass storage applications.”
ZincNyx Technology
ZincNyx's technology consists of three main subsystems that use zinc and air to store energy in the form of zinc particles. 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.
Figure 1. Principle of Operation
Unlike conventional batteries, which have a fixed energy/power ratio, ZincNyx's technology uses a fuel tank system that offers flexible energy/power ratios and scalability. The technology emits no greenhouse gases or pollutants.
ZincNyx has secured over 20 patents to date and received nearly C$15 million in financial support from its shareholders and Sustainable Development Technology Canada (SDTC) to develop the technology.
Figure 2. ZincNyx U.S. Patent Coverage
Acquisition Terms
To acquire a 100% interest in ZincNyx, MGX will make a one-time payment of C$250,000 and issue 1,293,333 restricted shares of the Company. The Company will further issue 2,450,925 restricted stock units to be vested over 24 months as part of compensation and incentive plan to retain key employees. The transaction is expected to close on or before December 20th.
About ZincNyx Energy Solutions
To learn more about ZincNyx technology visit www.zincnyx.com.
Company Snapshot |
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MGX Renewables Inc. (formerly ZincNyx Energy Solutions)
Vancouver, BC (CleanTech & Energy)
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