Zinc8 Energy Solutions Inc. Announces Signing of Host Site Agreement with Partner Digital Energy & Fresh Meadows Community Apartments in Queens, New York
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~Installation of zinc-air energy storage system financially supported by NYSERDA~
VANCOUVER, BC / ACCESSWIRE / January 18, 2022 / Zinc8 Energy Solutions Inc. ("Zinc8" or the "Company") (CSE:ZAIR)(OTC PINK:ZAIRF)(FSE:0E9) is pleased to provide this corporate update.
- Further to the private sector deployment agreement with Digital Energy Corporation announced in March 2020 to install its patented Zinc-Air Energy Storage System ("ZESS"), a host site agreement has been signed with Fresh Meadows LLC in Queens, New York, community apartments owned by Cammeby's Realty Corp.
Zinc8 Energy Solutions and partner Digital Energy Corp, a New York based private sector developer of Combined Heat and Power (CHP) plants, solar systems and microgrids, have concluded negotiations and have signed a host site agreement with Fresh Meadows Community Apartments in Queens, New York, to install a 100kW/1.5MWh ZESS for the purpose of demonstrating its long duration energy storage capability. This agreement is financially supported by The New York State Energy Research and Development Authority, known as NYSERDA with a contribution of C$575,000.
The ZESS will support and enhance the economics of a CHP system currently under construction at Fresh Meadows Apartments along with an existing solar system. NYSERDA is financially supporting this project deployment as the result of a call for proposals. In addition, NYSERDA has chosen Digital Energy Corp, and Zinc8 as the Energy Storage System manufacturer to demonstrate the economics and reliability of Zinc8's patented zinc-air battery technology for low-cost long-duration storage in a behind-the-meter application.
Fresh Meadows Community Apartments is a master planned 32-building housing development, which is owned by Cammeby Realty Corp. Cammeby Realty Corp. was founded in 1978, and currently owns and operates hundreds of facilities in the state of New York with over US $13 billion in assets under management.
"We continue to strengthen our position in the state of New York with the support of organizations like Digital Energy Corp and NYSERDA," stated Ron MacDonald, President and CEO of Zinc8 Energy Solutions. "The signing of this host site agreement is another important milestone for Zinc8, and we are looking forward to collaborating with Digital Energy Corp. on this exciting project owned by one of New York's most prestigious and well-known real estate management companies. This an opportunity for Zinc8 to further develop a pipeline of projects and establish a foothold in the New York City market."
Established in 1975, NYSERDA is a New York State public-benefit corporation that promotes energy efficiency and the use of renewable energy sources. Collectively, NYSERDA's efforts aim to reduce greenhouse gas emissions, accelerate economic growth, and reduce customer energy bills. This project is focused on advancing, developing and field testing the Zinc8 storage technology that will address cost, performance, and integration challenges in New York State.
"Digital Energy and Integrated Energy Concepts are excited about working with Zinc8 Energy on the deployment of the Zinc8 Energy Storage system at Fresh Meadows Apartments. Zinc8's energy storage system offers a safe, robust and economic solution and we welcome the opportunity to showcase their systems to our customer network" said William Cristofaro, President and CEO of Digital Energy Corp.and Energy Concepts.
Under the Deployment Agreement with Digital Energy, Zinc8 and Digital will not only work together on the Fresh Meadows project but continue working to identify similar projects in the New York market.
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.
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA's programs and funding opportunities, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.
About Digital Energy Corp
Digital Energy is a premier consulting firm specializing in the energy industry with a focus on cogeneration plant operations and financial performance. In addition, Digital personnel have experience with the NYISO, REV PSC proceedings, and Utility rate case proceedings, Digital is an authorized aggregator in the Con Edison's BQDM Demand Response Program and has experience with other utility demand response programs. Digital assist its clients in operating their cogeneration plant, analyzing utility bills, procuring energy supply, and assisting standby rate customers in receiving the Standby Reliability Credit.
Digital specializes in maximizing financial performance from your energy infrastructure assets and analyzing upgrades to energy infrastructure quite often utilizing NYSERDA/Utility programs.
For more information on Digital Energy Corp, visit www.digitalenergyny.com
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.
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.
The flexibility of the Zinc8 ESS enables it to service a wide range of applications. Typical examples include:
- Smoothing energy derived from renewable sources such as wind and solar
- Commercial/Industrial backup replacing diesel generators
- Industrial and grid scale, on-demand power for peak shaving and standby reserves
- Grid-scale services such as alleviating grid congestion, deferring transmission/distribution upgrades, energy trading and arbitrage, and increasing renewable energy penetration.
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:
- The Zinc Regeneration Subsystem (ZRS) provides the recharging function
- The Fuel Storage Subsystem (FSS) provides the energy storage function
- The Power Generation Subsystem (PGS) provides the discharging function
Notice Regarding Forward Looking Statements
This news release contains certain statements or disclosures relating to Zinc8 Energy Solutions that are based on the expectations of its management as well as assumptions made by and information currently available to Zinc8 Energy Solutions which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such 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.
Forward looking statements in this press release include that the ZESS will support and enhance the economics of a CHP system currently under construction at Fresh Meadows Apartments, we will commence the demonstration unit now, that we can validate a low-cost, long-duration (8-to-100-hour), and sustainable energy storage technology which can provide megawatt-scale standby power solutions; that we can execute the development and commercialization of a dependable low cost zinc-air battery; that our mass storage system offers both environmental and efficiency benefits; and that we can help meet the needs for secure and reliable power. Zinc8 Energy Solutions believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: that the demonstration unit does not provide the kind of data that can be applied in other projects or validate our technology; that our technology fails to work as expected or at all; that our technology proves to be too expensive to implement broadly; that customers do not adapt our products for being too complex, costly, or not fitting with their current products or plans; our competitors may offer better or cheaper solutions for battery storage; general economic, market and business conditions; increased costs and expenses; inability to retain qualified employees; our patents may not provide protection as expected and we may infringe on the patents of others; and certain other risks detailed from time to time in Zinc8 Energy Solution's public disclosure documents, copies of which are available on the Company's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the CSE nor any Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information please contact:
Incite Capital Market
Kristian Schneck / Eric Negraeff
Zinc8 Energy Solutions Inc.
Email: [email protected]
SOURCE: Zinc8 Energy Solutions Inc.
View source version on accesswire.com:
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