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The Associated Press
WEDC Grants Wisconsin Battery Company Transferable 25% State Income Tax Credit for Investors
10 hours ago
Rendering of WinBat Portage Facility (Photo: Business Wire)
MADISON, Wis.--(BUSINESS WIRE)--Jul 30, 2024--
Wisconsin Battery Company (WinBat), a leading innovator in sustainable energy storage solutions, is proud to announce that the Wisconsin Economic Development Corporation (WEDC) has awarded a 25% transferable state Qualified New Business Venture (QNBV) income tax credit for investors in the company. This significant endorsement underscores WinBat’s potential to drive economic growth and technological advancement within the state.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240730765213/en/
Rendering of WinBat Portage Facility (Photo: Business Wire)
The tax credit, part of WEDC’s commitment to fostering innovation and supporting high-growth industries, is expected to attract substantial investment in WinBat, facilitating its mission to develop cutting-edge battery technologies that address the growing demand for efficient and environmentally friendly energy storage solutions.
In conjunction with this award, WinBat has engaged Sterling Ridge Capital, a premier investment advisory firm, to assist in completing its $12 million seed round. This funding round, aimed at accelerating product development and scaling operations, is currently 45% complete.
“We are thrilled to receive this endorsement from WEDC, which highlights the strategic importance of our work in the energy storage sector,” said WinBat CEO Jeff Greene. “The 25% state income tax credit for our investors will enhance our ability to attract the necessary capital to bring our innovative solutions to market.”
Sterling Ridge Capital brings a wealth of experience and a strong track record in securing investment for high-potential ventures. Their expertise will be instrumental in guiding WinBat through the final stages of its seed round, ensuring that the company is well-positioned for rapid growth and success.
“WinBat is at the forefront of a transformative industry,” said Luka Petkovic, managing director of Sterling Ridge Capital. “We are excited to collaborate with them and help realize their vision of revolutionizing energy storage. The WEDC tax credit adds significant value for investors, and we are confident in our ability to complete this funding round successfully.”
WinBat is dedicated to advancing energy storage technologies that are not only efficient and reliable but also environmentally sustainable. The funds raised in this seed round will be allocated towards research and development, expanding manufacturing capabilities, and strengthening the company’s market presence.
“Wisconsin is a national leader in electrification, including power storage, in both manufacturing and research and development,” said WEDC Secretary and CEO Missy Hughes, citing a recent WEDC report on the electrification industry. “Wisconsin Battery’s work in developing sustainable energy storage solution is a perfect example of the kind of innovative thinking that will continue to move our state ahead.”
About WinBat
Wisconsin Battery Company, a benefit corporation, is a pioneering energy storage company committed to developing advanced battery technologies that meet the evolving needs of the modern world. With a focus on sustainability, efficiency and reliability, WinBat aims to provide innovative solutions that contribute to a cleaner, safer, more energy-efficient future.
About Sterling Ridge Capital
Sterling Ridge Capital is a leading investment advisory firm specializing in supporting high-growth companies. With a reputation for excellence and a deep understanding of the investment landscape, Sterling Ridge Capital offers strategic guidance and expertise to help businesses achieve their financial and operational goals.
About the Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Visit wedc.org or follow WEDC on Twitter(X) @WEDCNews to learn more.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240730765213/en/
CONTACT: Jeff Greene
President & CEO
jeff@winbat.co
954 304 0791
KEYWORD: UNITED STATES NORTH AMERICA WISCONSIN
INDUSTRY KEYWORD: OTHER DEFENSE ONLINE RETAIL CONTRACTS PROFESSIONAL SERVICES OFFICE PRODUCTS DISCOUNT/VARIETY SUPERMARKET BATTERIES TECHNOLOGY DEFENSE RETAIL FINANCE
SOURCE: Wisconsin Battery Company
PUB: 07/30/2024 10:00 AM/DISC: 07/30/2024 10:00 AM
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