Empire State Development Approves $9 Million Tax Credit for Zinc8 Energy Solutions.

Zinc8 Energy Solutions has received exciting news with the approval of a generous grant from the Empire State Development (ESD). The company is eligible for up to $9 million in tax credits to establish its first production facility in the United States, located in New York State. The tax credits are available for immediate use and can be applied over the next five years, depending on the level of investment made and the jobs created.

Zinc8 has plans to invest significantly in automating and constructing the facility, which will serve as their U.S. headquarters and initial production site, once the final site has been selected. Over the course of five years, the company intends to bring 500 clean jobs to the local economy, with the support of the Excelsior Jobs Program (EJP) tax credits.

Zinc8 Energy Solutions Inc. is a Canadian clean energy company that specializes in developing and commercializing advanced energy storage systems using its proprietary zinc-air flow battery technology. The company’s goal is to provide a cost-competitive, scalable, and sustainable energy storage solution for a wide range of applications, including renewable energy integration, microgrids, and peak shaving.

With its cutting-edge technology, Zinc8 aims to tackle the challenges facing the energy industry and play a significant role in the transition towards a greener, more sustainable energy future. The company’s zinc-air flow battery system provides a safe, long-lasting, and environmentally friendly alternative to conventional energy storage methods, making it an attractive option for businesses and organizations looking to reduce their carbon footprint and embrace clean energy solutions.

The Excelsior Jobs Program (EJP) is a powerful tool for companies looking to invest and create jobs in New York State. The program offers incentives for businesses in targeted industries such as biotechnology, pharmaceuticals, high-tech, clean technology, green technology, financial services, agriculture, and manufacturing. It provides these companies with the resources they need to grow, expand and relocate to New York, creating economic opportunities and jobs for residents.

Firms that create and maintain new jobs or make significant financial investments in New York are eligible to apply for up to five tax credits. These credits are designed to provide companies with the financial support they need to succeed, allowing them to focus on their core business operations and growth. The program is designed to encourage businesses to invest in and relocate to New York, promoting economic growth and job creation in the state.

The EJP program is held to strict accountability standards to ensure that businesses are delivering on their job and investment commitments. To maintain fiscal affordability and ensure that New Yorkers see a positive return on their investment, the program’s costs are capped annually. This helps to ensure that the program remains cost-effective for businesses and the state, while still delivering significant benefits to residents.

Zinc8 Energy Solutions CEO and President, Ron MacDonald, stated, “We are overjoyed by the support and interest we have received for setting up a manufacturing facility and generating employment in New York State.” He added, “The EJP tax credits, along with other financing options such as state, municipal, and federal funding packages, provide companies like Zinc8 with additional sources of capital and the chance to expand their business plans.” These incentives, combined with the encouragement from government leaders like Governor Kathy Hochul, have made New York State the logical choice for our first manufacturing facility. “We are committed to creating jobs in the state and contributing to its transition towards a greener economy.”