SOURCE: ZBB Energy Corporation

ZBB Energy Corporation

December 15, 2011 08:30 ET

ZBB Signs New Joint Development and Stock Purchase Agreement With Major US Technology Company

Strategic Stock Purchase Part of $1.8 Million Market-Priced Financing

MILWAUKEE, WI--(Marketwire - Dec 15, 2011) - ZBB Energy Corporation (NYSE Amex: ZBB), the leading developer of intelligent, renewable energy power platforms, announced today that it has signed a joint development and license agreement and a stock purchase agreement with a major global technology company to jointly develop flow batteries. The objective of the project is to develop low cost, high energy density grid scale flow battery stacks and systems that could lead to a significant cost reduction for grid level storage.

The strategic partner is investing $800,000 to fund the first phases of the joint development project and purchasing $700,000 of ZBB common stock at market price. This equity investment is part of a $1.8 million financing round involving additional investors.

Because of ZBB's experience with cell design, design for manufacturability, materials of construction and battery operation, the partners are targeting a significant acceleration of the development timeline. The majority of the work will be done at ZBB's headquarters in Menomonee Falls, WI and is expected to begin in early January 2012.

"ZBB is very excited to team up with a highly respected global technology leader and continue to lead in flow battery development. We have true technology synergy, and the partnership enables us to expand our product capability in a way that couldn't be done without such a strong financial partner. If the development hits its targets, the attributes of this new battery could offer significant advantages in some of ZBB's existing markets. I believe this initial agreement is the beginning of a very strong partnership that has the potential to achieve cost effective grid scale storage which will enable renewable use and a smarter grid," said Eric Apfelbach, President and CEO of ZBB Energy Corporation.

About 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. ZBB and its power electronics subsidiary, Tier Electronics, LLC have developed a portfolio of integrated power management platforms that combine advanced power and energy controls plus energy storage to optimize renewable energy sources and conventional power inputs whether connected to the grid or not. Tier Electronics participates in the energy efficiency markets through their hybrid vehicle control systems, and power quality markets with their line of regulation solutions. Together, these platforms solve a wide range of electrical system challenges in global markets for utility, governmental, commercial, industrial and residential end customers. Founded in 1998, ZBB's platforms ensure optimal efficiencies today, while offering the flexibility to adapt and scale to future requirements. ZBB's corporate offices and production facilities are located in Menomonee Falls, WI, USA with offices also located in Perth, Western Australia. For more information, visit: http://www.zbbenergy.com

Safe Harbor
Certain statements made in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the objectives, timing and expected benefits of the battery project, sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • Contact Information:
    Dilek Wagner
    Investor Relations
    ZBB Energy Corporation
    T: 262.253.9800
    Email: Email Contact