FinancialBuzz.com’s latest Behind the Buzz Show: Featuring Our Corporate Overview on MGX Renewables Inc.
MGX Renewables Inc. (CSE: MGXR) has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. MGXR strives to meet the growing need for secure and reliable power.
The sun doesn’t shine all the time. The wind doesn’t blow all the time. MGX Renewables mass storage batteries for the rest of the time.
The increasing concern over climate change has become a major topic on almost every country’s agenda as the constant use of non-renewable resources has negatively harmed global environments. Most non-renewable resources derive from fossil fuels, which are primarily coal, petroleum, and natural gases. Carbon is the main element found within fossil fuels, and due to the length of time it takes for fossil fuels to develop, it is considered a non-renewable energy. Scientific studies have concluded that the consistent use of fossil fuels is causing adverse effects to air and water conditions, public health, and wildlife. Furthermore, fossil fuels are also increasing global warming emissions as the constant emission of carbon dioxide adds to the greenhouse effect, which can drastically alter the temperature levels of the Earth. The United States Environmental Protection Agency has highlighted that greenhouse gases emitted from human activities, such as driving diesel-powered vehicles, are the most significant driver of observed climate change since the mid-20th century. The concerning effects that non-renewable resources have caused have already prompted many countries to shift towards clean energy in order to mitigate the worsening effects of carbon dioxide emissions. Predominantly, most countries are moving towards adopting renewable resources such as solar, wind, and hydro. Moreover, international governments such as China and the U.S. are heavily pushing their citizens to purchase electric vehicles in efforts to reduce the number of diesel vehicles on the road. Overall, the increasing awareness and accelerating government initiatives have augmented the growth of the market. However, the high costs of transitioning towards renewable energy have also hindered it. Nevertheless, governments are providing substantial funds to accelerate the development and commercialization of renewable energy sources. According to data compiled by Allied Market Research, the global renewable energy market was valued at USD 1.46 Trillion in 2017 and is expected to reach USD 2.15 Trillion by 2025. Additionally, the market is expected to witness a CAGR of 4.9% throughout the forecast period from 2017 to 2025.
In efforts to further promote clean energy, 179 parties across the world signed the Paris Agreement to fight against climate change. The Paris Agreement’s aim is to strengthen the global response to climate change by keeping the global temperature increase below 2 degrees Celsius above pre-industrial levels and to also limit the temperature increase even further to 1.5 degrees Celsius, according to the U.N. for Climate Change. Typically, most countries are investing in solar power systems because sunlight -derived energy is much more abundant as opposed to wind or hydropower. Solar power is generally harvested through solar panels and then stored in energy solutions. The energy solutions can then provide power for homes, businesses, and even towns or cities on a large scale. Moreover, energy solutions can store solar power and allow it to be used at a later time, thus providing consistent energy throughout the day. Most storage technologies can begin discharging power to the grid very quickly, while fossil fuels sources tend to take longer to ramp up, according to the Union of Concerned Scientists. The rapid response is key because it can ensure the stability of the grid when unexpected increases in demand occur. Energy storages are also important when the region is further away from the grid. For instance, a house near a grid can receive power quickly. Yet, on the other hand, a house that is further from the grid can experience longer disruptions, cutting off the power supply. Additionally, large urban regions can also face similar issues. Essentially, storage solutions can act as a battery for distant and urban regions instead of having to rely on grids. “Energy storage is the future of renewable energy. Cheap grid-scale storage means that renewables can compete with fossil fuels on cost alone. This is not only better for our environment, but also makes our national grid more secure from natural disasters,” said Democrat California Representative Mark Takano.
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