Zinc8 Energy Solutions (CSE:ZAIR) Inc has filed financial results for the third quarter ending September 30, 2022, showing that it ended the period with a working capital balance of $4 million.
During the quarter, the company announced that its inaugural commercial production facility will be based in the US, noting that its comprehensive analysis showed that the Inflation Reduction Act's manufacturing production credits provide distinct and direct benefits to Zinc8 and its production plans in the US.
"Our decision to commit to the United States for our planned inaugural production facility was made after a long period of analysis," Ron MacDonald, president and CEO of Zinc8 Energy said in a statement.
READ: Zinc8 Energy Solutions says first commercial production site to be based in the United States
"We made the conscious decision to employ the resources of consultants who possess a deep understanding of market dynamics both at a federal and state level. Without a doubt, the support that we have received from Senator Schumer is tremendous for Zinc8. This coupled with the significant financial support available in the United States presented itself as the most suitable path forward to look to locate an initial production facility. We are excited about our future and look forward to advancing our path towards commercial production," MacDonald added.
On July 8, 2022, the company announced support from US Senate Majority Leader Charles E. Schumer (D-NY) for Zinc8 to establish a manufacturing facility in Ulster, New York's former TechCity Site location.
Zinc8 Energy Solutions focuses on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrid, and commercial & industrial markets. By using the patented ZESS as a standalone or an enabling technology, it allows opportunities for peak demand reduction, time-of-use arbitrage, and participation in both the value stacking programs and the distributed long-duration energy storage space, all in conjunction with the opportunity for a significant reduction in carbon footprint. The long duration (8-100+ hours) ZESS has no fire and explosion risk, has no capacity fade over extensive lifetime, and offers complete charge operational flexibility.
Contact the author at jon.hopkins@proactiveinvestors.com