Lithium developer MGX Minerals has said it expects to issue shares next month in its ZincNyx Energy Solutions flow battery firm, which is to be spun off as a standalone business.
MGX said 29 June has been set for the proposed distribution of the payment of a dividend in kind of common shares in the capital of Canada-based ZincNyx, which MGX acquired last year.
ZincNyx said earlier this year it was gearing up for “mass production” of a zinc-based flow battery within a year. The company aims to produce 1,000 flow battery units annually by early January 2019.
The ZincNyx technology “consists of three main subsystems that use zinc and air to store energy in the form of zinc particles”. The company has already developed a modular energy storage system for energy storage in the 5kW to 1MW range “for extended periods of time”.