ZBB Energy designs, develops, and manufactures advanced energy storage systems, power electronic systems, and engineered custom and semi-custom products. The company’s products are aimed at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization.
The company announced today that it has hit the final milestone in the flow battery joint development agreement with Honam Petrochemical, a major diversified producer of petrochemicals and advanced synthetic resins located in South Korea. Several years ago Honam identified energy storage as a strategic priority business. Its due diligence search for a leader in the field of energy storage led them to ZBB Energy and its zinc bromide technology, which is widely recognized as the leading commercially available flow battery.
Under terms of the agreement, Honam paid ZBB Energy $3 million over a four-quarter period and gained non-exclusive rights to sell the ZBB EnerStore battery in Japan, Taiwan, Vietnam, Thailand, Singapore, and Malaysia, in addition to Korea.
In addition, ZBB benefited from this relationship through cost savings and performance achievements in the ZBB EnerStore product, which has been in development since January 2010 and began shipping in early 2012. The initial phase of the collaboration between the two companies spanned from April 2011 to June 2012. It culminated with shipment of a ZBB EnerStore to Honam in June. Specifically, the two firms worked together to refine the materials and manufacturing process for the ZBB EnerStore battery in sizes from 50 to 500 kilowatts.
The two companies have agreed to extend the first phase of their collaboration to September 30, 2012, and are currently discussing a manufacturing ramp-up and joint marketing plans. With Honam’s position in the plastics supply chain and their strong research capabilities, the two firms expect to be able to quickly reach global scale production.
For additional information about ZBB Energy Corporation and its energy technologies, please visit the company’s website at www.zbbenergy.com
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