Menomonee Falls-based ZBB Energy Corp.’s Chinese joint venture has received a new $3.24 million cash investment.
Wuhu Fuhai-Haoyan Venture Investment L.P. invested the funds in the joint venture, Anhui Meineng Store Energy System Co. Ltd., and has a post-closing equity position of 8 percent.
ZBB and Meineng Energy will use the funds to further develop the China market and to finance ongoing operations. The post-closing valuation of the firm is $42 million.
Meineng, formed in 2011, completes energy storage assembly, testing, development and sales. Its storage solutions aim to improve the efficiency of renewable energy use.
ZBB, which manufactures energy storage and control platforms, is working with Meineng to accelerate the development of the next generation of electronics and battery systems.
“ZBB continues to work very closely with Meineng on product development, manufacturing and testing. Meineng is both a highly valued strategic supplier and customer,” said Eric Apfelbach, chief executive officer of ZBB Energy. “The relationship is very synergistic for both entities.”
“We are very happy to have OFC become part of Meineng Energy,” said Brad Hansen, president of ZBB Energy and CEO of Meineng Energy. “OFC has a proven track record of investing in key markets and companies, and being able to help their invested companies achieve success in the China market. Meineng selected OFC as an investor because of their excellent capability to help the company grow in the China market.”
