ZBB Energy (Amex: ZBB) Receives IRS Certification of $14.685 Million Tax Credit
ZBB Energy Corporation (NYSE Amex: ZBB), a leading developer of intelligent, renewable energy power platforms, today announced that it has received notice from the Internal Revenue Service (IRS) that the IRS has certified ZBB’s project for a $14,685,000 Advanced Energy Manufacturing tax credit under section 48C of the Internal Revenue Code, and as authorized under the American Reinvestment and Recovery Act.
ZBB commenced work on the first phase of the project in 2010, for the V3 stack and module production facility. ZBB submitted a letter to the IRS on January 4, 2011, stating that ZBB has met the requirements for certification of its project to expand the manufacturing facility in Menomonee Falls, Wisconsin for the production of products for energy storage. Based on the IRS review of the material submitted by the Company, the IRS certified ZBB’s project on June 9, 2011.
The next phase of the project will be to design, build, and begin production in an additional facility, to include approximately $50 million of production equipment. From the additional facility, ZBB will manufacture their advanced energy storage and power management systems, designed to optimize energy availability in smart-grid and off-grid applications.
The deadline for completion of the project under the 48c tax credit program is June 9, 2014. The Company expects to reach capacity in the existing facility approximately June 2013, and the additional facility will be necessary to support ZBB’s continued growth.
The tax credit can be utilized by ZBB or by a successor in interest to ZBB that enters into an agreement with the IRS, including a business that constructs the proposed facility and manufactures the qualifying advanced energy storage systems.
About ZBB Energy Corporation
ZBB Energy Corporation (NYSE Amex: ZBB) provides advanced electrical power management platforms 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 intelligent power management platforms that directly integrate multiple renewable and conventional onsite generation sources with rechargeable zinc bromide flow batteries and other storage technology. The company also offers advanced systems to directly connect wind and solar equipment to the grid and systems that can form various levels of micro-grids. 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. A developer and manufacturer of its modular, scalable and environmentally friendly power systems (“ZESS POWR™”), ZBB Energy was founded in 1998 and is headquartered in Wisconsin, USA with offices also located in Perth, Western Australia. For more information, visit: http://www.zbbenergy.com
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