New York State offers $9 million grant to Zinc8 Energy

Zinc8 Energy Solutions Inc. has announced the approval of a grant from the Empire State Development ("ESD") of up to US$9 million

Zinc8 Energy Solutions Inc. will receive $9 million to incentivise the company to locate and establish its first US-based production facility in New York State. The tax credits are available immediately for a period of up to 5 years, in whole or part, depending on the level of investment and jobs created.

Once the final site selection has been determined, Zinc8 intends to make a significant investment over a five-year span to automate and build out the site, making this Zinc8's U.S. headquarters and an initial production facility. Further to the build-out, Zinc8 plans to create up to 500 clean jobs over this period for the local economy with support of the EJP tax credits.

Investment incentives

The Excelsior Jobs Program provides job creation and investment incentives to firms in targeted industries such as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to five tax credits. The programme encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Programme costs are capped annually to maintain fiscal affordability and ensure that New Yorkers realise a positive return on their investment.

"We're excited by the level of support and interest we've received towards locating a manufacturing facility and creating jobs in the state of New York," said Ron MacDonald, CEO and President of Zinc8 Energy Solutions.

"The EJP tax incentives offered to companies looking to create jobs and help build a green economy is an additional layer of funding that can be utilized concurrently with other financing, including state, municipal and federal funding packages which help companies like Zinc8 access additional sources of capital and expand their business plans. These incentives have made it logical for us to select New York State for our first manufacturing facility and based on the encouragement from government leaders such as New York Governor Kathy Hochul, we have decided to focus our efforts to create jobs in the state and help its transition towards a greener economy."

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