MGX Minerals Commences Development of Next Generation Zinc Air Mass Storage System
January 30 2018 - 8:30AM
InvestorsHub NewsWire
MGX Minerals Commences
Development of Next Generation Zinc Air Mass Storage
System
Vancouver, BC
-- January 30, 2018 -- InvestorsHub NewsWire -- MGX
Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to
announce that wholly-owned subsidiary ZincNyx Energy
Solutions, Inc. (“ZincNyx”) has commenced development of a
scaled-up 20 kW system for use in utility-scale battery storage.
The 20kW/160kWh modules represent a 4x increase in both energy and
power as compared to ZincNyx’s current 5kW systems. The 20kW system
retains all attributes of existing 5kW systems while providing
additional benefits, including lower costs and higher energy
density along with the ability to serve broader market
segments.
This next generation system will continue to be modular and offer
capabilities to combine multiple 20kW systems at the electrical
interface, allowing for deployment of containerized systems capable
of providing up to one Megawatt or more. Key technical features of
the system include:
- True flow battery which
completely decouples the energy and power capabilities of the
system
- Scalable energy capacity
through the addition of more zinc and oxygen
(“Fuel”)
- Inexpensive
Fuel
- Regenerative Fuel cell that
does not require fuel replacement
- Eliminates need for
transporting, storing or refilling of hydrogen (as compared to
hydrogen fuel cell systems)
- Zero emission of greenhouse
gases or pollutants
The expanded range of the
next generation system addresses the need for long duration energy
storage when coupled with renewable energy sources such as wind and
solar. The system may be housed in a shipping container for
deployment at remote locations or installed in free standing racks
in warehouse-type environments.
Figure 1. Typical 5kW Modular System
Overview of
Technology
ZincNyx has developed a patented regenerative zinc-air flow battery
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.
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 storage capacity is
directly tied to the size of the fuel tank and the quantity of
recharged zinc fuel, making scalability a major advantage of the
flow battery system. In addition, a further major advantage of the
zinc-air flow battery is the ability to charge and discharge
simultaneously and at different maximum charge or discharge rates
since each of the charge and discharge circuits is separate and
independent. Other types of standard and flow batteries are limited
to a maximum charge and discharge by the total number of cells as
there is no separation of the charge and discharge
components.
To watch a short video
outlining ZincNyx technology, please visit http://www.zincnyx.com/technology/
Closing Transaction
The ZincNyx transaction is now closed. A total of $250,000 cash and
4,793,333 common shares of MGX have been issued as consideration
for the acquisition of ZincNyx and related intellectual property
and retention of key employees. A finder’s fee of 40,000 common
shares of MGX was also paid in connection with the closing.
“We are delighted to become part of
the MGX family of CleanTech Companies,” said ZincNyx CEO Suresh Singh. “We look
forward to accelerating our commercialization efforts and
contributing towards making MGX a leader in the energy storage
space.”
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 advanced material and energy 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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