Zinc8 Energy Solutions (CSE:ZAIR) Inc announced that a grant of up to US$9 million in tax credits from New York State has been approved.
The grant is part of Empire State Development’s performance-based Excelsior Jobs Program (EJP), which is designed to incentivize companies to establish production facilities in the state. The credits are available immediately for a period of 5 years, in whole or part, depending on the level of investment and jobs created.
Once a site is chosen, Zinc 8 plans to make a “significant investment” over a five-year span to automate and build out the site, making it Zinc8's US headquarters and initial production facility.
READ: Zinc8 Energy Solutions receives $500,000 grant to advance Zinc-Air stack technology
As part of the build-out, the company expects to create up to 500 clean jobs over the period with the support of the EJP tax credits.
"We're excited by the level of support and interest we've received towards locating a manufacturing facility and creating jobs in the state of New York," CEO Ron MacDonald, said in a statement. "The EJP tax incentives offered to companies looking to create jobs and help build a green economy is an additional layer of funding that can be utilized.”
MacDonald credited the EJP and New York Governor Kathy Hochul with helping make the decision to build its facility in New York.
"Governor Hochul has taken a leadership role when it comes to climate change and advanced the United States’ most progressive policies in an effort to combat climate change and provide for a greener economy for the State of New York," MacDonald added.
“Having recently outlined the framework for the State of New York to achieve a nation-leading 6 gigawatts of energy storage by 2030, we commend her efforts in combating climate change.”
MacDonald had previously announced in September that the company would be setting up its first manufacturing operations in the US due to the federal government’s passage of the Inflation Reduction Act, which he noted provides generous refundable tax credits for Zinc8's future US production of its Zinc-air energy storage systems.
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