FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “MGX Renewables Announces Production of Next Generation Cathodes for Zinc-Air Fuel Cell Battery.”
MGX Renewables Inc. (CSE: MGXR) (FSE: 0E9) is pleased to announce production of next generation carbon-based cathode for its Zinc-Air Fuel Cell Battery. To date the Company has produced 300 cathodes for use in its initial mass storage battery systems. Each 5kW fuel cell stack utilizes 50 cathodes. MGXR has developed proprietary and patented fuel cell and battery technology and will continue to specialize in the design and manufacture of cathodes in-house. The planned initial scale-up of cathode production is for 36MW of annual equivalent capacity with a minimum storage of 8 hours or 288MWh of storage followed by the addition of similar scale fabrication machinery as necessary. The Company continues to develop a hybrid manufacturing strategy of leveraging its proprietary designs utilizing fabrication partners for standardized components such as injection molded pieces, with the most technically advanced and proprietary components, such as the fuel cell cathode, being manufactured in house.
MGXR has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. MGXR strives to meet the growing need for secure and reliable power.
The damaging effects of non-renewable resources have prompted countries to reconsider their energy sources. Generally, most non-renewables are fossil fuels such as coal, petroleum, and natural gas. Fossil fuels are buried deposits of plants and animals that have converted into in forms of oil, gas, or coal due to high pressure and heat from the Earth’s crust. The process of developing fossil fuels takes millions of years, which is why they are considered non-renewable resources. Furthermore, due to the constant use of these non-renewable resources, they are quickly depleting, causing concern over future energy supplies. Moreover, the excessive use of fossil fuels has negatively impacted the environment and human health. For instance, non-renewable resources produce the greenhouse effect, which is the process by which the radiation from the Earth’s atmosphere warms the surface to a temperature that is above normal. The slightest changes can have severe adverse effects on environments throughout the Earth such as melting glaciers and sea ice, shifting precipitation patterns and forced animal migrations, according to the National Geographic. Additionally, climate change can cause extreme weather events such as floods, hurricanes, droughts, and heatwaves. In particular, rising sea levels have concerned many nations, specifically ones that are located in low regions along the coastlines. As a result, many countries are investing in renewable and clean energy sources to combat the impact of climate change. Notably, energy sources such as solar, water, and wind are becoming increasingly popular. However, most countries are adopting solar energy because it is much more prevalent throughout the world. While renewable energy is still considered a small market, growing government initiatives and increasing environmental concern are expected to accelerate the industry. According to data compiled by Cooked Research, the global renewable energy market is expected to grow at a CAGR of 8.53% during the forecast period from 2019 to 2027.
As opposed to other renewables energies, solar is much more readily available. Wind and hydro energy sources would need to be located where those elements occur often such as high mountains or along coastlines, respectively. On the other hand, solar energy can be easily harnessed by placing panels or grids that collect the energy and store it in innovative storage solutions. Solar energy farms can be massive grids that supply towns or even cities. On the other hand, panels can be as small to simply just provide power to houses or businesses. Typically, large-scale grids are located in open areas outside of cities, but panels can be installed onto the roofs of houses as well. However, the biggest concern about the use of solar energy is that on certain days it may be cloudy or raining, blocking sunlight. To combat this, renewable energy providers have developed storage solutions which trap the energy harnessed from panels or grids. The storage solutions collect energy harnessed from the grids during the day or whenever the sun is shining and allow to be used later on during times when the sun is overshadowed by clouds. Moreover, energy can also be used during the nighttime, providing consumers with a continuous supply. “Solar energy is a major renewable energy source with the potential to meet many of the challenges facing the world. There are many reasons to promote its share in the energy market. This power source is increasing in popularity because it is versatile with many benefits to people and the environment,” said Vijayalaxmi Kinhal, Ecologist, B.Sc. Agriculture, M.S. Ecology and Environment Sciences. “The importance of solar energy is sure to play a big role in saving the environment, helping people socially and economically, and creating jobs and research.”
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