Zinc8 Energy Solutions (CSE:ZAIR) has highlighted some of its 2022 achievements as it focuses on developing and commercializing its low-cost, long-duration ZESS technology for utilities, microgrid, and commercial and industrial markets.
The company said these include the January 2022 host site agreement with Queens, New York-based Fresh Meadows Community Apartments to install a 100kW/1.5MWh ZESS to demonstrate its long-duration energy storage capability — with financial support from The New York State Energy Research and Development Authority. The ZESS will support and enhance the economics of a Combined Heat and Power (CHP) plant which is currently under construction, it said.
In July 2022, the company said it also received support from US Senate Majority Leader Charles Schumer to establish a manufacturing facility in Ulster, New York's former TechCity Site location,
Finally, in September 2022, it announced that its inaugural commercial production facility will be based in the US, following analysis of the distinct and direct benefits it will receive under the Inflation Reduction Act's manufacturing production credits.
“Last year, we saw the Inflation Reduction Act (IRA) signed into law in the United States. The significant tax incentives available to encourage the production of clean energy equipment by industry players such as Zinc8 are substantial,” Zinc8 Energy Solutions (CSE:ZAIR) president and CEO Ron MacDonald said in a statement.
“We have had the support of local and state agencies from the state of New York for several years. Furthermore, the IRA clearly demonstrates the political will of the federal government to support emerging industry, employment and to help decarbonize the economy on a national scale.”
Following the end of its 2022 financial year, Zinc8 noted the January 2023 approval by the Empire State Development of up to US$9 million in performance-based Excelsior Jobs Program tax credits to incentivize it to locate and establish its first US-based production facility in New York State.
It said this was followed by March’s approval from the Ulster County Industrial Development Agency for the issuance of tax-exempt revenue bonds for up to US$10 million to undertake the buildout and completion of its first commercial manufacturing facility within Ulster County, New York.
"This is an exciting time for Zinc8,” MacDonald said. “We’re working closely with the New York government, strategic partners and potential customers to help improve the overall economic and environmental picture. This is a powerful combination where business and the environment win and we're proud to be part of the solution.”
Contact the author at stephen.gunnion@proactiveinvestors.com