Zinc8 Energy Solutions First Quarter 2021 Financial Results

VANCOUVER, BC / ACCESSWIRE / May 31, 2021 / Zinc8 Energy Solutions Inc. ("Zinc8" or the "Company") (TSXV:ZAIR)(OTC PINK:MGXRF)(FSE:0E9) today filed its financial results for the first quarter ending March 31, 2021. For further information on these results, please see Zinc8 Energy Solutions Inc. Condensed Consolidated Financial Statements and Management Discussion and Analysis as filed on SEDAR.

First Quarter Highlights Include:

• Ended the quarter ending March 31, 2021 with a working capital balance of over $15.5 million.
• In February, closed a private placement offering of 28,750,000 common shares at a price of $0.54 per share for gross proceeds of $15,525,000.

Subsequent to March 31, 2021:

• Signed a host site agreement with the New York Power Authority ("NYPA") and The University at Buffalo, The State University of New York ("UB"). The selection of the site allows for the demonstration of a 100-kilowatt/one-megawatt-hour zinc-air battery energy storage system in Buffalo, N.Y., to level out peaks in electricity consumption, increase campus resiliency and assist in training campus utility staff with new energy storage technology.
• Signed a $200,000 (U.S.) contract with one of the leading cloud providers to demonstrate its patented zinc-air energy storage system ("ZESS") and to validate and assess the zinc-air long-duration energy storage technology. Zinc8's technology will be tested for resilient backup application; the 10-hour kilowatt/80-kilowatt-hour unit will undergo required assessment tests agreed upon by the cloud provider to address its unique use cases in data centres.
• Leased a new 16,000-square-foot testing and assembly facility to build and run the required tests to complete the certification of the various system levels of the battery.

"As a result of the successful financing in the first quarter, we have been able to drive a number of initiatives that get us steps closer to commercial production," said Ron MacDonald, President & CEO of Zinc8 Energy Solutions. "As evidenced by the subsequent events to the quarter, we have new customers, an accelerated build program going on for several batteries at the new facility and additional business development opportunities on the horizon. We have specific plans and timelines to certify and test zinc-air energy storage systems over the course of this year with additional catalysts and related milestones we expect to announce along the way."