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ZBB Energy Announces Closing of $2.8 Million in Funding

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  Published in Business and Finance on Wednesday, June 2nd 2010 at 10:50 GMT by Market Wire
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MILWAUKEE, WI--(Marketwire - June 2, 2010) - ZBB Energy Corporation (NYSE Amex: [ ZBB ]) today announces closing $1.3 million in funding from the state of Wisconsin as part of the previously announced State Energy Program (SEP), and obtaining a $1.5 million loan commitment from Investors Bank.

The loan proceeds will be used for working capital and research and development expenditures relating to the advancement of our next generation energy storage system, which is planned for commercial release in third quarter of the fiscal year ending June 2011.

"I am pleased Wisconsin could assist ZBB Energy in expanding its advanced battery manufacturing and retaining and creating hundreds of jobs," Governor Doyle said. "Wisconsin is working hard to help our manufacturers invest in energy efficiency technologies that reduce energy costs, improve their bottom line, and create and retain jobs. Through the State Energy Program we are helping some of our biggest manufacturers invest in energy efficiency that will help them compete."

ZBB's CEO, Mr. Eric Apfelbach said, "This financing will enable accelerated ramps of our new power management and battery systems, which will lead to added jobs."

InvestorsBank is an independent, privately owned financial institution dedicated to providing best-in-class service to entrepreneurial businesses in southeastern Wisconsin. Headquartered in Waukesha, Wisconsin, the company serves as a trusted advisor to its clients and delivers products and services that help building and preserve wealth. InvestorsBank CEO Mr. Richard Hensley said, "We are excited about the opportunity to work with the State Department of Commerce and Waukesha County."

About ZBB Energy Corporation
ZBB Energy Corporation (NYSE Amex: [ ZBB ]) provides distributed intelligent power management platforms that directly integrate multiple renewable and conventional onsite generation sources with rechargeable zinc bromide flow batteries and other storage technology. This platform solves a wide range of electrical system challenges in global markets for various types of sites with 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 with offices also located in Perth, Western Australia.

Safe Harbor
Except for the historical information contained herein, the matters set forth in this press release, including statements relating to ZBB's growth, are forward-looking statements within the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including historical volatility and low trading volume of our stock, the risks and uncertainties inherent in the early stages of growth companies, the company's need to raise substantial additional capital to proceed with its business, risks associated with competitors, and other risks detailed from time to time in the company's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.