According to Bloomberg New Energy Finance, the market for energy storage is expected to “double six times from now to 2030, from a meager starting point of less than 5 gigawatt-hours last year, to more than 300 gigawatt-hours and 125 gigawatts of capacity by the end of the next decade. An estimated $103 billion will be invested in energy storage over that time period.” The ability to meet this growing demand for energy storage systems necessitates innovative solutions like those offered by MGX Renewables.
MGX Minerals is at the forefront of developing the systems, resources and solutions that will serve as the foundation for the new energy economy, including energy storage systems. In 2017, MGX Minerals acquired MGX Renewables (formerly ZincNyx Energy Solutions) from Teck Resources to help bring the company’s zinc-air flow battery technology to market, with the goal of accelerating and spinning off the company in 2018 once complete.
The MGX Renewables mission is to provide cost effective, long duration and reliable energy storage systems for markets involving renewables firming, peak shaving, diesel generator replacement, telecom facility back-up, electrification of ferries and tug boats and electric vehicle charging support. Alternative chemistry energy storage systems like zinc air flow batteries are helping companies like MGX Minerals transition the world to the new energy economy.
MGX Renewables’ patented regenerative zinc-air flow battery efficiently stores energy in the form of zinc particles and contains none of the traditional high-cost battery commodities such as lithium, vanadium, or cobalt. The technology allows for low cost mass storage of energy and can be deployed into a wide range of applications.