ZBB Invests in U.S. Battery Company

Perth, Australia-based ZBB Energy Corp. has acquired 12% of Idea One Inc, a U.S.- and Israel-based company engaged in the development of a magnesium cell battery, from Wharton Equity Partners, LLC and Wharton Energy Partners 1, LLC.

ZBB also appointed Clemens van Zeyl as its new North American president and CEO conditional upon signing a formal employment contract and ZBB raising US$1.5 million via the proposed North American financing.

Robert Parry, who had previously been CEO of ZBB, will continue as an executive director for its Australian operations and ongoing international business development.

ZBB said it has also entered into a series of agreements with parties in the United States including an application to the Securities and Exchange Commission for the registration of ZBB’s stock in the United States.