Zinc8 Energy Solutions (CSE:ZAIR) Inc said it has filed its financial results for the first quarter ending March 31, 2022, noting that it ended the period with a working capital balance of $7.5 million.
"We continue to push hard on several key projects that are underway," Ron MacDonald, CEO of Zinc8 Energy Solution said in a statement. "I appreciate we just announced our year-end and are on top of a number of significant opportunities. As such, we look forward to providing further updates when they're available."
During the quarter the company and partner Digital Energy Corp signed a host site agreement with Fresh Meadows Community Apartment in Queens, New York to install a 100kW/1.5MWh Zinc8 Energy Storage System (ZESS) to demonstrate its long-duration energy storage capability including financial support by The New York State Energy Research and Development Authority.
READ: Zinc8 Energy Solutions continues to expand its efforts towards commercialization
Also during the quarter, Zinc8 was selected as a "Best-in-Class" solution in the Energy Storage Category for the Real Estate Board of New York's 2022 PropTech Challenge.
Additionally, the company granted an aggregate of 6,150,000 restricted share units to certain directors, officers and employees under the company's long-term incentive plan which was approved by the shareholders on December 17, 2021.
Zinc8 Energy Solutions (CSE:ZAIR) focuses on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrid, and commercial & industrial markets.
Contact the author at jon.hopkins@proactiveinvestors.com