Zinc8 Energy Solutions (CSE:ZAIR) Inc. reports that it ended its second quarter with a working capital balance of $13.5 million.
The company is currently planning the deployment of its Zinc-Air System at the University of Buffalo, in collaboration with the New York Power Authority (NYPA). The site will allow for the demonstration of a 100kW/1MWh system to facilitate the wider use of renewable resources.
The company also is moving ahead with a US$200,000 contract with a cloud data center provider to demonstrate its 10kW/80kWh Zinc-Air System for resilient backup applications.
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Both contracts were struck during the quarter that ended June 30, 2021.
"We're in a strong financial position and executing on our stated plan towards commercial production in the fourth quarter of 2022," said CEO Ron MacDonald in a statement.
"We have expanded our engineering team on our path to production and moved into a new dedicated facility. This new facility will house multiple test batteries for systems-level evaluation and UL certification, each with their own unique requirements and results for data collection and analysis, some of which are for commercial demonstration projects underway."
The company said the new facility in Richmond, British Columbia will allow for parallel testing to be conducted for certification of final product specifications. As a result, the company expects to be on track for the initial production of a 40KW battery in the fourth quarter of 2022.
Meanwhile, Zinc8 said it has made three senior management hires which will assist the company as it transitions from a pure research and development company and expands into the pre-commercialization phase.
Looking ahead
Going forward, the company said the outlook for long-duration battery storage technology “continues to remain compelling”.
According to the U.S. Energy Information Association (EIA), installed battery storage capacity reached 1,650 MW by the end of 2020. And the EIA says more than 12 GW of battery storage power capacity additions are anticipated between 2021 and 2024, which implies exceptional growth ahead.
Zinc8 also said battery storage ventures continue to attract meaningful investment, as funding remains extremely active and supportive of a variety of technologies and applications.
Almost US$10 billion in corporate funding was raised by companies in the battery storage industry in the first half of 2021 through 41 transactions, according to research firm Mercom Capital Group.
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