Menomonee Falls-based ZBB Energy Corp. reported a fiscal 2015 first quarter net loss of $2.2 million, or nine cents lost per share, compared with a net loss of $2.7 million, or 15 cents lost per share, in the first quarter of 2014.
The company, which develops renewable energy power platforms and hybrid vehicle control systems, reported revenue of $564,861, down from $1.1 million in the same period a year ago.
During the quarter, the company received a $3.3 million equity infusion for its China JV division that resulted in a gain of $1.3 million in income. It also completed a secondary offering of 13 million shares that brought in net proceeds of about $13.7 million.
“Much of the attention in the renewable energy market has been focused on the large energy storage projects mandated by various regulatory agencies,” said Eric Apfelbach, chief executive officer. “While we will continue to bid for this large section of business, these projects will take multiple years to develop and be operational. We believe there are multiple opportunities in the near-term within the commercial and industrial and utilities markets, including behind-the-meter, microgrid power systems and our GridStrong conservation voltage reduction application. We are also focused on international markets and island projects where energy storage has been more readily adopted, as well as working with our strategic partners to leverage potential sales channels and reduce product and manufacturing costs. We believe this sales strategy will ultimately bring our company to cash flow breakeven and profitability.”