MGX Minerals Announces Mass Production of Zinc-Air Battery Fuel Cell and Charging Components
August 09 2018 - 8:00AM
InvestorsHub NewsWire
MGX
Minerals Announces Mass Production of Zinc-Air Battery Fuel Cell
and Charging Components
Vancouver, BC --
August 9, 2018 -- InvestorsHub NewsWire -- MGX Minerals
Inc. (“MGX” or the “Company”) (CSE:
XMG / FKT:
1MG / OTCQB:
MGXMF) is pleased to announce that its wholly
owned subsidiary ZincNyx Energy Solutions, Inc.
(“ZincNyx”) has received the first shipment of components for its
20Kw output / 120Kwh storage zinc-air fuel cell battery. The core
regenerator and fuel cell module components were manufactured using
high volume injection molding. The design for manufacturing of
these components was completed at the end of June and transition to
tooling and production has proceeded
smoothly.
Since both
regeneration and fuel cell modules are constructed from a number of
identical cells, they constitute ideal candidates for manufacture
by volume production methods such as injection molding, die casting
and extrusion. These methods require stringent design rules to be
followed to ensure efficient and reliable parts production. ZincNyx
has now completed the design and tooling process for the highest
volume parts with the active participation of its chosen
suppliers.
The regenerator
and fuel cell parts form the nucleus of ZincNyx’s commercial mass
storage system which will provide four times the capacity of
earlier models. The expanded range of this 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 may be
installed in free standing racks in a warehouse or utility
closet-type environment.
Figure 1.
Typical 5kW Modular System
Update on
Spin-Off of ZincNyx
The Company is
also pleased to provide an update on the proposed spin out of its
wholly owned subsidiary ZincNyx into a publicly traded company (the
“Transaction”) and the dividend payment in kind of ZincNyx shares
to MGX shareholders of record (the “Proposed Distribution”). The
financial audit of ZincNyx has been completed and filing of the
preliminary prospectus is expected shortly. The proposed
Transaction is being structured of which 66.6% of outstanding
shares will be owned by MGX and 33.3% will be paid as a dividend to
MGX shareholders of record at June 29,
2018.
Further to the
Prior Release (see press release dated April 3,
2018), MGX intends for ZincNyx to become a
standalone company following the spin out by way of a dividend in
kind of ZincNyx shares by MGX. The Proposed Distribution is
expected to be made by way of ZincNyx filing a prospectus (the
“Prospectus”) with securities regulatory authorities in the
jurisdictions where MGX is a reporting issuer (the “Securities
Regulators”) in order to qualify the Proposed Distribution of
ZincNyx Shares to MGX Shareholders such that the ZincNyx shares to
be delivered under the Proposed Distribution are not expected to be
subject to any statutory hold periods. The Proposed Distribution
will not occur unless or until a receipt for the final Prospectus
is obtained from the Securities
Regulators.
The Company has
not yet made any application to list the ZincNyx Shares for trading
on an exchange, no market currently exists for the ZincNyx Shares,
and the Prior Release is qualified in its entirety by this news
release.
The Prospectus
will constitute a public offering of the ZincNyx Shares only in
those jurisdictions where they may be lawfully offered for sale and
therein only by persons permitted to sell such securities. This
news release does not constitute an offer to sell or a solicitation
of an offer to buy any securities in the United States. The ZincNyx
Shares have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities
Act”), or any state securities laws and may not be offered or sold
in the United States, unless pursuant to an exemption from such
laws.
For more
information on ZincNyx, please refer to the Prior Release and the
Company’s other news releases, dated December 13, 2017, December
18, 2017, January 9, 2018, January 30, 2018, February 1, 2018,
February 7, 2018 and March 12, 2018, available on the Company’s
profile on SEDAR at www.sedar.com and at www.mgxminerals.com.
About
ZincNyx Energy Solutions
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, discharge and storage
components.
The ZincNyx
mission is to provide the lowest cost, longest duration and most
reliable energy storage system for markets involving renewables
firming, peak shaving, diesel generator replacement, telecom
facility back-up, electrification of ferries and tug boats and
electric vehicle charging support.
With a portfolio
of 20 granted patents and an experienced management team, ZincNyx
is now ready to start commercialization of the
product.
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. MGX
intends to publicly list ZincNyx and pay a partial share dividend
to MGX shareholders of record as of June 29,
2018.
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.
MGX Minerals (CSE:XMG)
Historical Stock Chart
From Mar 2024 to Apr 2024
MGX Minerals (CSE:XMG)
Historical Stock Chart
From Apr 2023 to Apr 2024