Clean energy storage solutions provider ZBB Energy Corporation has received a clean energy tax credit worth more than $14 million from the Internal Revenue Service (I.R.S.).

The company learned on Friday that the government agency approved its application for an advanced energy manufacturing tax credit worth $14.685 million under section 48C of the Internal Revenue Code as authorized under the American Reinvestment and Recovery Act.

ZBB will use the tax credit to install $49.55 million worth of equipment in a proposed facility in southeastern Wisconsin.

ZBB or a successor in interest to the company, such as a business that constructs the proposed facility and manufactures the qualified advanced energy storage systems, can utilize the tax credit as long as the entity enters into an agreement with the I.R.S.

Installation of the qualifying equipment must occur within approximately four years after the approval of the tax credit. ZBB or the entity holding the tax credit benefit may carry the tax credit forward for 20 years to offset otherwise taxable revenue.

New York Stock Exchange-listed 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. Its solutions are based on proprietary zinc rechargeable energy storage technology.

-  Katrice R. Jalbuena