MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) has revealed more exciting progress at its energy storage subsidiary ZincNyx Energy Solutions, saying the company will be looking at the use of graphene-based materials to advance its technology.
The subsidiary and its research partners are to receive a grant of C$580,000 from Canada's Natural Science and Engineering Research Council (NSERC) over the next three years to develop 'nanostructured material' for the next generation of Zinc-air energy storage.
ZincNyx has developed a modular storage system using zinc and air to store energy, which has none of the traditional high cost battery commodities such as lithium, vanadium or cobalt.
''Graphene is getting a lot of attention for many applications, but is particularly promising for electrochemical reactions since it can perform on par with traditionally used platinum,'' said project lead Professor Jeff Gostick of the University of Waterloo, Calgary.
"As engineers and applied scientists, it's very exciting for us to see our ideas leave the lab and get into the hands of an industrial product, it's what it's all about.''
ZincNyx chief executive Suresh Singh added: "ZincNyx is very pleased with the timing of the grant, which ties in perfectly with our business plan.
"We are entering early commercialization, but saw a strong need on the horizon to drive down costs to fuel further growth.
"We are very pleased to be working with this particular group of researchers.''
MGX noted that the ZincNyx mission was to provide the lowest cost, longest duration and most reliable energy storage system for markets involving renewables firming, peak shaving, diesel generator replacement, telecom facility back-up, and electric vehicle charging support.
With a portfolio of 20 granted patents and an experienced management team, ZincNyx is now ready to start commercializing the product.
MGX Minerals shares in Toronto nudged 0.96% higher at C$1.05.