MGX Minerals Inc. (CSE:XMG, OTCQB:MGXMF) updated on the progress of its energy storage subsidiary ZincNyx Energy Solutions as it advances the next generation of fuel cell battery.
ZincNyx has developed a modular storage system using zinc and air to store energy, which has none of the traditionally high-cost battery commodities such as lithium, vanadium or cobalt.
It has now commissioned particle sizing equipment as part of final preparations to begin manufacturing cathodes for the batteries, MGX said.
The immediatee aim is to decrease cathode manufacturing costs by at least 50%and ultimately reduce costs by more than 90% to achieve a manufactured cost of less than US$10 per cathode.
ZincNyx's technology uses a fuel tank system that offers flexible energy/power ratios and scalability.
Storage capacity is directly tied to the size of the fuel tank and the quantity of recharged zinc fuel.
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