Zinc8 secures $10m for battery facility

US zinc-air battery storage system manufacturer Zinc8 Energy Solutions has been issued tax-exempt revenue bonds for a value up to US$10 million by the Ulster County Industrial Development Agency (UCIDA).

The proceeds will be used for the buildout and completion of Zinc8's first commercial manufacturing facility in Ulster County, New York. Specifically, the funds will be used for the acquisition of machinery, equipment and improvements to the facility.

The mission of the UCIDA is to advance the job opportunities, “general prosperity and long-term economic vitality” of Ulster County residents by using tax incentives, municipal bonds and other forms of financial assistance to “foster the creation and attraction of new business and the retention and expansion of existing business”.

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