Milwaukee, August 19, 2010 — President Barack Obama visited ZBB Energy Corp. to tour the company and learn more about the development of intelligent, renewable energy platforms. The visit to ZBB was part of the president’s effort to highlight his clean energy policies.
Speaking to a group of ZBB employees and guests, the president praised the company for leading the way in clean energy manufacturing and helping the U.S. economy to grow.
“For years, we’ve heard about manufacturing jobs disappearing overseas,” said Obama at the event. “Well, companies like this are showing us how manufacturing can come back right here in the United States of America, right back here in Wisconsin.”
The president praised ZBB for “pointing the country towards a brighter economic future” and the company’s commitment to expanding its manufacturing operations in southeastern Wisconsin.
During the visit, Obama toured the facility and saw the large advanced energy storage modules the company manufactures. ZBB’s technology transforms intermittent renewable energy into a reliable power source through intelligent power-management systems and advanced storage technologies that make it easier for companies throughout the world to use green energy in their operations.
Headquartered in Menomonee Falls, Wisconsin, ZBB Energy is expanding production of advanced zinc bromide flow batteries and intelligent power control platforms for renewable energy storage with the help of a $1.3 million Recovery Act State Energy Program loan.
This low interest loan is repaid to taxpayers over a seven-year period. To date, the company has drawn less than $500,000 of this loan amount and will contribute over $3 million in additional capital to accelerate job creation in the project.
In addition, the company has an authorized $14.68 million Recovery Act 48c Advanced Energy Manufacturing Tax Credit to construct a new manufacturing facility in Wisconsin. This tax credit applies to one third of capital equipment purchases.
To use this credit, the company will have to spend over $45 million on capital equipment and have profits to apply the tax credits against. To date, the company has not announced plans that would allow it to use these credits.