WEDC Grants Wisconsin Battery Company Transferable 25% State Income Tax Credit for Investors
30 Julio 2024 - 9:00AM
Business Wire
Wisconsin Battery Company Retains Sterling
Ridge Capital to Complete $12M Seed Round, currently 45%
Complete
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.
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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.
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Jeff Greene President & CEO jeff@winbat.co 954 304 0791