MGX Minerals to Acquire Zinc Air Battery Developer ZincNyx Energy Solutions
December 13 2017 - 8:30AM
InvestorsHub NewsWire
MGX
Minerals to Acquire Zinc Air Battery Developer ZincNyx Energy
Solutions
Vancouver, BC -- December 13, 2017 -- InvestorsHub
NewsWire -- MGX Minerals Inc. (“MGX” or
the “Company”) (CSE:
XMG /
FKT: 1MG /
OTCQB: MGXMF) is pleased
to announce it has signed a definitive agreement (the “Agreement”)
with 8230137 Canada Inc. and the minority shareholders of
ZincNyx Energy Solutions, Inc. (“ZincNyx”) to
acquire all the issued and outstanding shares of ZincNyx. Upon
closing of the Agreement ZincNyx will become a 100% owned
subsidiary of the Company.
ZincNyx Energy Solutions, Inc. is a Canadian 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:
- Utility-scale storage and power grid load stabilization
- Long term backup power for industrial, commercial, and military
facilities
- Remote location off grid and micro grid applications
- Diesel generator replacement or hybridization
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 million 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.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with
interests in lithium, magnesium and silicon assets throughout North
America. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
Neither the Canadian Securities Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements (collectively "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information is typically identified by words such
as: "believe", "expect", "anticipate", "intend", "estimate",
"potentially" and similar expressions, or are those, which, by
their nature, refer to future events. The Company cautions
investors that any forward-looking information provided by the
Company is not a guarantee of future results or performance, and
that actual results may differ materially from those in
forward-looking information as a result of various factors. The
reader is referred to the Company's public filings for a more
complete discussion of such risk factors and their potential
effects which may be accessed through the Company's profile on
SEDAR at www.sedar.com.
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