MILWAUKEE, WI — (Marketwired) — 05/05/15 — ZBB Energy Corporation (NYSE MKT: ZBB), a leading developer of innovative energy management systems solutions serving the utility, commercial and industrial building markets, announced today that, in its contract with Lotte Chemical, a top global corporation located in South Korea, ZBB has achieved the latest performance milestone for the development and commercialization of a utility-scale flow battery module. The most recent milestone payment was based upon product design approval, which is now completed, and drives the start of procurement to build the battery. The successful completion results in a 25% payment against the total contract value. The balance of just over 10% will be paid based upon shipment and commissioning of the 500kWh ZnBr flow battery module and supporting battery management electronics at the Lotte Chemical R&D facility located in Daejeon, South Korea in the first half of calendar year 2016.
ZBB–s utility market focus is gaining momentum based on its industry leading flow battery design and commercialization capability, and leading portfolio of power control systems and power quality products. The global growth in the market for utility storage systems that discharge between 4 and 8 hours at a time, and are available to do so every day of the year, is expected to grow at a rapid rate as countries around the world aggressively try to integrate more renewable energy generation into their grid networks. The development program with Lotte Chemical is directed at this high growth market.
“Lotte Chemical is an excellent partner for us and we value the strong relationship we have with them,” said Eric Apfelbach, CEO of ZBB Energy. “They bring a wealth of materials knowledge to ZBB, and additionally have proven to be a valued supplier for ZBB–s battery cell stacks. In addition to the utility battery design and commercialization contract, we are working to achieve several technology milestones under a separate technology license agreement. Excellent progress continues to be made towards achieving those milestones as evidenced by the China 3rd party validation results we recently announced.”
ZBB Energy–s portfolio of energy storage products for both the commercial and industrial building and utility energy management systems markets span more than a dozen applications from building rooftop PV storage systems to large grid connected systems that can charge and discharge dozens of megawatts of energy each day. The company–s focus on design and commercialization of safe, reliable and cost effective storage solutions has accelerated due to its strategic partnerships in South Korea and China. ZBB–s global presence has recently increased with energy management systems successfully commissioned in Australia and Ireland. “We will continue to expand globally through strategic partners as well as our direct presence,” said Mr. Apfelbach. “Our strategy for entering new markets will continue to be driven by factors such as market size, growth rate and channel access capability. Our relationship with Lotte Chemical represents a great success story for ZBB and we look forward to a bright future driven by our ongoing accomplishments together.”
About ZBB Energy Corporation
ZBB Energy Corporation (NYSE MKT: ZBB) is an applications solutions company providing advanced energy management systems critical to the transition from a “coal-centric economy” to one reliant on an enormous expansion in renewable energy and distributed generation. Whether part of the grid power transmission and distribution network, or behind the meter in commercial, industrial and multi-tenant buildings, ZBB Energy brings vital power control and energy storage solutions to the most pressing problems caused by the incorporation of increasingly pervasive renewable energy generating assets. ZBB Energy also provides energy management systems for off-grid applications such as island or remote power. ZBB is a global corporation, with a joint venture in AnHui, China at Meineng Energy, as well as a strategic partnership with Lotte Chemical in South Korea. For more information, visit: .
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