MGX Minerals (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning reported its intention to acquire all issued and outstanding shares of ZincNyx Energy Solutions, Inc. Through the acquisition, ZincNyx will become a 100% owned subsidiary of MGX Minerals. ZincNyx operates out of Canada and has developed an innovative, regenerative zinc-air flow battery designed to store energy in the 5 kW to 1 MW range for extended periods of time. The battery provides low-cost energy storage capability in its ability to be scaled from kilowatt to megawatt range. ZincNyx’s patented regenerative zinc-air fuel cell battery technology efficiently stores energy in the form of zinc particles void of the traditional high cost battery commodities such as lithium, vanadium, or cobalt. ZincNyx’s technology allows for low cost mass energy storage that can be deployed into a wide range of applications. Of the strategic acquisition, MGX Minerals president Jared Lazerson stated, “By acquiring ZincNyx, MGX advances its mission of accelerating emerging energy and energy commodity technologies that disrupt the status quo. ZincNyx aims to bring energy storage to mass market through its patented zinc air technology, which offers lower-cost, long duration batteries capable of simultaneous charge and discharge. MGX is proud to be a part of a fundamental shift from traditional high cost and difficult to acquire commodities such as lithium, vanadium and cobalt to low cost zinc in residential, remote and mass storage applications.”
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About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in lithium, magnesium and silicon assets throughout North America. MGX currently owns 34% of PurLucid and has the exclusive right to acquire a 100% interest as well as owning the global rights to recently developed lithium and mineral extraction technologies co-operatively developed by PurLucid and MGX. For more information, visit the company’s website at www.MGXMinerals.com.
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