Dallas, Texas 05/19/2014 (FINANCIALSTRENDS) – ZBB Energy Corporation (NYSE MKT: ZBB), the leading developer of various intelligent, and renewable energy-power platforms as well as the hybrid vehicle control systems, announced its fiscal results for its Q3 that ended 31 March 2014.In the fiscal Q3 2014, ZBB’s major accomplishments were- It completed its secondary offering of 6,325,000 the company’s shares of the common stock at $2.25 / share for net cash-proceeds of $13.1M. The company also achieved its initial milestone of its joint-development agreement with the company- Lotte Chemical, & it received $3M in the one-time-upfront license fees for the reported quarter.
More equipment shipped
ZBB Energy Corporation (NYSEMKT:ZBB) also tested & shipped its equipment to the Australian company- Ergon Energy. The latter has very successfully completed its lab-testing and it will also place the equipment throughout the field in the forth coming weeks as part of the field trial that will determine suitability. Subsequent to end of the Q3 of fiscal year 2014, it hired a new sales manager for Hawaii State. The company also advanced to the RFQ-stage for its Imperial-Irrigation District’s 40-MW energy-storage project. The President and Chief Executive Officer of the company, Eric C. Apfelbach said that completion of their secondary offering as well as initiation of their Lotte Chemical project has strengthened the company’s balance-sheet in this quarter.
He added that it has also enhanced our fiscal capacity to even more aggressively pursue multiple sales opportunities in the markets that they serve. To prepare for the opportunities, they are very actively working to add more staff to the sales as well as the technical areas, including the recent hire of the sales manager for the state of Hawaii. In addition, the company and Lotte are working cohesively towards the agreement that will enable the latter to acquire from ZBB its “chassis” frame, and internal compo entry & the power electronics for ZBB Energy Corporation (NYSEMKT:ZBB) EnerStore- flow batteries.