ZBB Energy Corporation (NYSE Amex: ZBB) will develop flow batteries, aiming for low-cost, high-energy-density flow battery stacks and systems for grid-level storage, with an undisclosed new partner from the technology sector.
December 16, 2011 — ZBB Energy Corporation (NYSE Amex:ZBB), renewable energy power platform developer, signed a joint development and license agreement and stock purchase deal with a major global technology company. The partners will develop flow batteries, aiming for low-cost, high-energy-density flow battery stacks and systems for grid-level storage.
The majority of flow battery development will take place at ZBB headquarters (Menomonee Falls, WI), taking advantage of ZBB’s battery cell design, design for manufacturability, materials of construction and battery operation expertise.
Work will begin in early January 2012.
The undisclosed strategic partner will invest $800,000 in the initial project phases, and will purchase $700,000 of ZBB common stock at market price. Along with other investors, this is part of a $1.8 million financing round for ZBB. This financial backing could expand ZBB’s product capability for some of the company’s existing markets, said Eric Apfelbach, president and CEO of ZBB Energy Corporation.
ZBB Energy Corporation (NYSE Amex: ZBB) designs, develops, and manufactures advanced energy storage, power electronic systems, and engineered custom and semi-custom products targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization. For more information, visit: http://www.zbbenergy.com
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