While most investor attention this week was focused on the Coronavirus and plunging oil prices, small cap Zinc8 Energy Solutions (CSE:MGXR; FSE:0E9; OTCMRKTS:MGXRF) gave an important corporate update that noted the first private sector deployment agreement signed with Digital Energy Corporation to install a 100kW/1.5MWh Zinc-Air Energy Storage System (ESS) in Brooklyn with the C$2.5 million project development being financially supported by the New York State Energy Research and Development Authority (NYSERDA).
Digital Energy Corp is a New York based private sector developer of Combined Heat and Power (CHP) plants, solar systems and microgrids while NYSERDA was established in 1975 as a New York State public-benefit corporation that promotes energy efficiency and the use of renewable energy sources.
The Zinc8 Energy Storage System will support and enhance the economics of a CHP system currently operating at Brooklyn. NYSERDA is financially supporting this project deployment of CAD $2.5 Million, with a CAD $600,000 contribution 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.