Zinc8 Energy Solutions Inc ends the first quarter with a working capital balance of $7.5 million

Zinc8 Energy Solutions (CSE:ZAIR) Inc said it 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 for several key ongoing projects,” Ron MacDonald, CEO of Zinc8 Energy Solution, said in a statement. “I appreciate that we have 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 will be 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 100 kW/1 Zinc8 Energy Storage System (ZESS) .5 MWh to demonstrate its long-term energy storage capability, including with support from the New York State Energy Research and Development Authority.

READ: Zinc8 Energy Solutions continues to expand efforts toward 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.

In addition, the company granted a total of 6,150,000 restricted stock units to certain directors, officers and employees under the company’s long-term incentive plan which was approved by shareholders on December 17, 2021. .

Zinc8 Energy Solutions (CSE:ZAIR) is focused on developing and commercializing its low-cost, long-life ZESS for utility, microgrid, commercial and industrial markets.

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