Menomonee Falls-based ZBB Energy Corp., a developer of intelligent, renewable energy power platforms, announced today 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, who was not publicly named, 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. The equity investment is part of a $1.8 million financing round involving additional investors.
The majority of the work will be done at ZBB’s headquarters in Menomonee Falls 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 chief executive officer of ZBB.
