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Update: MGX Renewables introduces new energy storage system, begins CSE trading July 22

by Greg Klein | Updated July 19, 2019

Having completed its spin-out from a parent company and closed a financing, a new company prepares to bring new technology to the green energy market. MGX Renewables now expects to begin trading on July 22 as CSE:MGXR.

MGX Renewables introduces new fuel cell, anticipates July trading

MGX’s modular energy storage system

Over 20 patents went into the creation of the company’s first product, an energy storage system using rechargeable zinc-air fuel cell technology. Offering greater stability to solar- and wind-generated electricity, the system provides backup power that can range from 5 kW to 100 kW by enlarging the fuel tank. Modular design allows the addition of greater capacity.

MGX Renewables says the system overcomes limitations of lithium-ion batteries that are constrained by “a fixed power-to-energy ratio severely limiting flexibility and significantly increasing cost of energy storage when limited output power is required.”

The company says much lower storage costs reflect “a paradigm shift essentially eliminating the traditional fixed power-energy ratio and allowing for scaleable power with highly flexible energy storage.”

Parent company MGX Minerals CSE:XMG spun out approximately 40% of MGX Renewables, retaining about 18 million shares. Gross proceeds of $2,005,000 from a previous subscription have been released to the new company.

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