ZBB Energy Corporation has acquired the Wisconsin-based power electronics firm Tier Electronics, LLC for a $1.35 million promissory note paid over 3 years, 800,000 shares of common stock and assumption of approximately $900,000 of liabilities including customer deposits of approximately $350,000. This acquisition expands ZBB’s product portfolio of power management systems, customer base, and served market. In addition, the transaction is expected to be accretive to operating cash flows and more than double the company’s backlog and expected annual revenue. With the Tier acquisition, ZBB offers a full range of energy storage, utilisation and management solutions that range from wind and solar converters to power quality, micro-grid systems and hybrid electric drives for vehicles. The resulting strategic plan will seize on expansive opportunities across the power management market and enable high growth.
“This is a game changer for us,” said Eric Apfelbach, ZBB’s President and CEO. “When it comes to renewable energy, we now have the capability to store it, use it and manage it over a wide range of powers and applications. From intelligent, modular sub assemblies to nodes on micro grids through smart grid applications greater than 1 MW, ZBB is positioned to be the price and performance leader in grid modernization power electronics technologies.”
ZBB Energy was founded in 1998 and is headquartered in Wisconsin with offices also located in Perth, Western Australia.
USA, Milwaukee, WI