Source: MGX Minerals Inc.
VANCOUVER, British Columbia, April 18, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (FKT:1MG) (OTCQB:MGXMF) is pleased to its 100% wholly-owned subsidiary ZincNyx Energy Solutions, Inc. (“ZincNyx”) has signed a Letter of Intent (the “LOI”) to enter into a partnership agreement with New York based systems integrator Digital Energy Corporation (“Digital”).
Under the terms of the agreement, Digital will install the ZincNyx battery system at a demonstration site in New York City. Upon successful completion of the first project, ZincNyx and Digital will develop additional installation sites and work to expand distribution of the ZincNyx technology.
The project will demonstrate ZincNyx’s patented zinc-air flow-battery technology in combination with an onsite co-generation plant to reduce cost and increase revenue through multiple value streams, including peak shaving, demand response and economic dispatch. The ZincNyx flow battery chosen for this project employs a unique zinc-air chemistry that is safe for use in densely populated areas. The project will identify the operational and regulatory requirements to be satisfied for deployment in the state of New York.
Digital’s choice, amongst many high capacity batteries, is the zinc-air system that has long been recognized as highly advantageous due to its inherent safety, high energy density and abundance of its raw materials. The other unique advantages of the ZincNyx system, such as the ability to simultaneously charge and discharge, flexibility to optimize power and energy needs, low cost of energy for long durations and modularity, further simplified the decision.
“We are delighted with this partnership with Digital Energy,” said ZincNyx President and CEO Suresh Singh. ”Digital’s years of experience with system integration and energy generation will greatly enhance our ability to deploy energy storage solutions throughout the United States.”
“Digital is excited to partner with ZincNyx to bring lower cost energy storage solutions to New York State. We believe the ZincNyx flow battery product, along with revenue streams from the New York State REV initiative and the NYISO, will provide a high value proposition for this and future projects,” said Digital Energy Vice President Jon Lilian.
About ZincNyx Energy Solutions
ZincNyx Energy Solutions, a wholly owned subsidiary of MGX, has assembled an experienced team to execute the development and commercialization of a dependable renewable energy source. With both environmental and efficiency factors in mind, ZincNyx strives to meet the growing need for secure and reliable power. MGX intends to publicly list ZincNyx and pay a partial share dividend to MGX shareholders of record (see press release dated April 3, 2018). The record date is expected to be announced shortly.
About Digital Energy
Digital Energy is a project development and energy consulting firm. Digital focuses on maximizing financial performance, by working with DER (Distributed Energy Resources) owners, to efficiently operate their energy assets. Digital believes that combining other DER technologies with the ZincNyx flow battery solution will provide a mechanism for DER owners to derive additional value. Digital’s participation in FERC, NYISO, and PSC proceeding has led to beneficial regulatory changes for DER owners. Digital is currently participating in several regulatory proceedings that will provide additional value streams to the owners of these types of energy assets. Digital is uniquely positioned to assist owners in monetizing the full value of their facilities. To learn more about Digital Energy visit www.digitalenergyny.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.