Jan 12 2010
ZBB Energy Corporation (NYSE AMEX:ZBB) received announcement Friday, January 8, 2010 that the Internal Revenue Service (IRS) has approved ZBB’s application 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.
The tax credit will enable ZBB to install $49.55 million worth of equipment in a facility ZBB has proposed to construct in Southeastern Wisconsin. When ZBB proceeds with this project, it will manufacture its ZESS and PECC energy storage products that store energy from renewable power sources at the facility.
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. Following installation of the qualifying equipment, which must occur within approximately four years of Friday’s announcement, ZBB or the entity holding the tax credit benefit may carry the tax credit forward for twenty years to offset otherwise taxable revenue.
ZBB designs and builds modular, integrated power storage systems at its Menomonee Falls, Wisconsin facility for use in commercial, industrial, utility and off-grid applications, including supporting the transmission of intermittent sources of renewable energy. ZBB’s ZESS and PECC Power Storage Products improve the efficiency of intermittent renewable energy systems by uniquely combining generation with storage and demand side management (smart-grid) and off-peak recharge for cost-effective energy management.
Source: http://www.zbbenergy.com/