First Agreement Outside of North America

In a video statement, Zinc8’s Ron MacDonald underscores the significance of today’s news.

Once again, Zinc8 Energy Solutions Inc. grabs the headlines as the emerging battery manufacturer today announced the signing of an Agreement in Principle with Vijai Electricals Ltd., one of the most trusted and reputed brand names in the global grid and utility space. Headquartered in Hyderabad, India, Vijai Electricals is among the world‘s largest manufacturers of Electrical Power & Distribution Transformers and a global player in the T&D (Transmission & Distribution) utility sector with 47 years of experience including +150 T&D projects. Since 2014, Vijai Electricals‘ T&D division is part of the Toshiba Group as the Japanese multinational conglomerate invested $200 million USD to get a foot into the electrical power market in India and beyond.

According to today‘s news-release, Zinc8 and Vijai “have agreed to explore joint-venture projects concerning the deployment of Zinc8’s patented Zinc-Air Energy Storage System. Additionally, they have agreed to explore the potential of manufacturing components of the Zinc-air Energy Storage System in India.“

According to today‘s video news statement from Ron MacDonald (President & CEO of Zinc8): “The agreement that we announced would see us examine a number of things“, such as an investment into the company, forming a subsidiary in India, looking at Vijai‘s high-tech engineering and manufacturing capabilities, as well as finding joint-venture projects. He emphasized that Zinc8‘s goal is not only to step into the large Indian market but also into all of South Asia with the help of Vijai and its high-profile connections to the electric power industry.


Ron MacDonald (President & CEO of Zinc8) commented in today‘s news-release: “I have been impressed by Vijai’s 47-year track record in distributed energy and manufacturing, its commitment to quality, and its trusted partners in India and over 40 other countries. This Agreement is an important step as Zinc8 enters the global long duration energy storage market.”

Dasari Jai Ramesh (Chairman of Vijai Electricals) commented: “Vijai is happy to work with Zinc8, a pioneer in cost effective Battery Energy Storage System (BESS) for longer durations. With Vijai’s extensive manufacturing strength and the advantage of India’s educated and relatively inexpensive workforce, we are confident that this solution will go a long way to serve the needs of long duration BESS. For countries like India which need round the clock renewable energy systems, it is expected that Zinc8 BESS would fill the need in an effective way. Vijai, with its past experience of successfully serving export utility markets around the world, will be proud to work towards fulfilling this need.”

Full size / Vijai Electricals´ headquarters in Hyderabad, India (Source)

Full size / (Source)

Full size / “Vijai is a manufacturer of electrical distribution transformers and small power transformers. Vijai Electricals has played a significant role in the global market development of Amorphous Metal Core Distribution Transformers (AMDT) which are energy efficient. They also manufactured extra high voltage transformers up to 400kV, 315 MVA for large scale power generation and transmission applications and, world’s highest voltage class 1200kV, 333 MVA single phase for Indian system R&D purposes. Vijai Electricals also manufactures conductors up to 800kV system and aerial bunched cables. Vijai have been a strong Engineering, Procurement and Construction player for electrical transmission and distribution projects, overhead and underground, in India and abroad. In addition, Vijai is foraying into smart metering solutions.” (Source: Text / Image)

Established in 1973, Vijai Electricals Ltd. is a proven high-quality technology and manufacturing company active in the distributed energy and grid space. Vijai has successfully partnered with globally branded companies to deliver top-notch products.

Vijai Electricals has established global partners and an extensive distribution network in over 40 countries, as well as an established customer base, which is being examined as a potential pipeline of projects for the Zinc8 energy storage system.

With labour costs in India being significantly lower than in North America, Zinc8 also sees opportunity in manufacturing components of its energy storage system in India to lower even more the cost of its award-winning low-cost, long-duration BESS.

Backed by its long history of manufacturing transformers, switchgears, conductors and cables, Vijai Electricals is currently among the top 5 power transformers manufacturing companies in India and the world leader in distribution transformers. Vijai Electricals provides global markets with a wide range of high-voltage power transmission and distribution equipment as per diverse demands of Industry and public sectors. Export of products meets the customization and their application across different sectors such as oil, gas, marine, mining, petrochemical, and industrial manufacturing.

Furthermore, Vijai Electricals is actively involved in the rural and urban electrification by designing, engineering, procuring, constructing and commissioning turn-key projects including transmission lines and substations up to 400 kV. Clients include 3 federal utilities and 34 state utilities in India alone.

In 2014, Japanese electrical major Toshiba Corporation acquired Vijai Electricals’ power transmission and distribution businesses for $200 million USD. The acquired assets include power transformers, distribution transformers and switchgear businesses. With this acquisition, Toshiba is strategically positioning itself as “a core production base for expanding its transmission and distribution business in India and the global market, along side its other bases in Japan, China, Brazil, Russia and Southeast Asia”.

Takeshi Yokota, Corporate Vice President of Toshiba, said: “The acquisition is necessary for our global T&D strategy, and Vijai’s products and sales channel provide us with an ideal fit for our T&D business in India and beyond. It will support us not only in the Indian market, where we aim to secure a 20 per cent market share within five years, but in reinforcing our position in the global market, by strengthening our worldwide network.”

Dasari Jai Ramesh (Chairman of Vijai Electricals) said: “We are proud that our technology strengths and people capabilities will become part of Toshiba Group and will provide them a powerful platform for their business growth and market expansion.”

Excerpts from the article “India is going to need more battery storage than any other country for its ambitious renewables push” (Claudia Pavarini, WEO Energy Analyst at, January 2020):

“With ambitious plans to use renewables – particularly solar PV – to satisfy rapidly increasing electricity demand, India will be the country with the greatest need for additional flexibility in the coming decades, according to IEA analysis. In 2018, India’s investment in solar PV was greater than in all fossil fuel sources of electricity generation combined.

“If the costs of battery storage systems were to fall below one-third of today’s level, investment decisions in new power capacity would change considerably, especially in India. Coupling solar PV with affordable batteries offers an attractive means to provide electricity and flexibility in India. This combination would become competitive with new coal power plants in the near future and enable the deployment of larger amounts of cost-effective solar PV.

“In this “Cheap Battery Case,” power generation capacity from coal could plateau in the 2030s without compromising system reliability or the affordability of electricity. In India alone, solar PV capacity could reach 800 GW by 2040. This would ultimately result in India’s power-related CO2 emissions starting to decline just after 2030 and would also reduce outdoor air pollution, which causes more than half a million premature deaths each year in the country.

“For the “Cheap Battery Case” to happen, battery system costs would need to decline much more quickly than the recent pace of cost reductions. This would be possible if improved battery chemistries enter the market, further lowering the floor costs of batteries. Also, economies of scale in manufacturing and learning-by-doing would be essential to further drive down costs.”

Full size / “Increasing deployment of variable renewables and changes in electricity demand patterns will double the global need to source power system flexibility, including from batteries. Under stated policies, renewables make up two-thirds of all additions to global power generation capacity through 2040, and solar PV becomes the largest source of installed capacity around 2035. These trends will drive a significant increase in the use of battery storage, led by India, which is projected to account for more than one-third of total deployment by 2040.” (Source: “India is going to need more battery storage than any other country for its ambitious renewables push” by Claudia Pavarini, WEO Energy Analyst at, January 2020)

Full size / Source

According to “Energy Storage in India – a perspective“ (ETEnergyWorld, May 2020):

“With increased focus on climate change globally, there has been a shift towards renewable energy. India too is seeing a steady transition from fossil fuels towards renewable energy sources. With an ambitious target of achieving 40% of installed capacity based on renewable sources by 2030, energy storage appears to be the key to unlock the true potential of renewable energy and realize this target... The India Energy Storage Alliance (IESA) has estimated over 70 GW and 200 GWh of energy storage capacity in India by 2022, which is among the highest in the world. However, the roadmap for assured supply of clean energy indicates the need for a clear-cut policy and regulatory framework for energy storage, similar to India’s policy on renewable energy, plus investment incentives, improved storage technology, and realistic targets for developing storage capacity.”

Full size / Source: “Energy Storage in Emerging Markets to Increase by Over 40% Every Year Until 2025” by Anjana Parikh,, April 2020)

Further Reading

New article: “Low-Cost, High Duration Batteries Will Redefine Energy Landscape” by Ron MacDonald, President & CEO of Zinc8, September 2020

Previous Rockstone Coverage


Report #10: “Zinc8 accepted into the ACRE Cleantech Incubator Program at Urban Future Lab“

Report #9: “The Empire State is accelerating renewable energy development as part of its COVID-19 recovery efforts“

Report #8: “Supporting the Clean Energy Industry Through the COVID-19 Response“

Report #7: “Renewable energy stocks could be the first to recover, says JPMorgan“


Report #5: “First Private Sector Energy Storage Deployment Contract for Zinc8 Energy Solutions: Second Commercial Agreement in New York City“

Report #4: “Visiting the Zinc8 Energy Storage Development and Production Facility: The Dawn of the Utility-Scale Battery Era“

Report #3: “The Largest State-Owned Power Utility in the USA Announces Collaboration with Zinc8 Energy Solutions“

Report #2: “Reborn as Zinc8 Energy Solutions“

Report #1: “Bridging the Renewable Energy Infrastructure Gap“

Company Details

Zinc8 Energy Solutions Inc.
#1 – 8765 Ash Street
Vancouver, BC, Canada V6P 6T3
Phone: +1 604 558 1406 (Patrick)

ISIN: CA98959U1084 / CUSIP: 98959U108

Shares Issued & Outstanding: 90,563,457


Canada Symbol (CSE): ZAIR
Current Price: $0.26 CAD (09/18/2020)
Market Capitalization: $24 Million CAD


Germany Symbol / WKN (Tradegate): 0E9 / A2P15E
Current Price: €0.1655 EUR (09/18/2020)
Market Capitalization: €15 Million EUR

Rockstone Research
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland
Phone: +41-44-5862323

Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Zinc8 Energy Solutions Inc. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Zinc8 Energy Solutions Inc.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through their profiles on SEDAR at www.sedar.comPlease read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. Zinc8 Energy Solutions Inc. pays Zimtu Capital Corp. to provide this report and other investor awareness services.The author, Stephan Bogner, holds a long position in Zinc8 Energy Solutions Inc. and is being paid by Zimtu Capital Corp. for the preparation and distribution of this report, whereas Zimtu Capital Corp. also holds a long position in Zinc8 Energy Solutions Inc.


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Name: Zinc8 Energy Solutions Inc
Canada Symbol: ZAIR
Germany Symbol / WKN: 0E9 / A2P15E
Shares Issued & Outstanding: 90,563,457
Phone: +1 604 558 1406 (Extension 5)
Disseminated on behalf of Zinc8 Energy Solutions Inc.

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