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Zinc8 Energy Solutions Announces $3M Private Placement
Thursday, December 22, 2022Company Profile | Follow Company
Vancouver, BC, December 22, 2022--(T-Net)--Zinc8 Energy Solutions Inc. (CSE: ZAIR) today announced the offering of up to 15,000,000 units at a price of $0.20 per Unit as a non-brokered private placement to raise gross proceeds of up to $3,000,000.
The proceeds of the Private Placement will be used for working capital expenditures including operating expenses, research and development, pursuing advancement of the Company's business plan, salaries and wages, investor relations and marketing fees, and professional fees.
Each Unit is comprised of one common share in the capital of the Company and one non-transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of $0.30 in the first year from the date of issuance and at a price of $0.40 for the balance of the term. Finder's fees will be paid in connection with the Private Placement and certain insiders of the Company intend to participate in the Private Placement.
Zinc8 Energy Solutions focuses on developing and commercializing its low-cost, long duration ZESS for utilities, microgrid, and Commercial & Industrial markets. By using the patented ZESS as a standalone or an 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 (8-100+ hours) ZESS has no fire and explosion risk, has no capacity fade over 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. To learn more about 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.
Technology
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.
Applications
The flexibility of the Zinc8 ESS enables it to service a wide range of applications. Typical examples include:
Architecture
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:
Notice Regarding Forward Looking Statements All 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. [ MORE ] |
Company Snapshot |
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ABOUND Energy (formerly Zinc8 Energy Solutions)
Vancouver (CleanTech & Energy)
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