Energy Bank Plans Expansion At Its Manitowoc, Wisconsin, Operations Center
The company, which is developing technology that enhances the performance of the LED light engine and expects to create more than 60 jobs during the next three years, is also certified for $1.25 million in Qualified New Business Venture tax credits. QNBV status makes investors in startup and early-stage companies eligible for a 25 percent state tax credit on the amount they invest in the business.
“The team I’ve put together, along with the investments we’ve made in our core competencies, uniquely position us to be a leading technology integration company and OEM component supplier,” said Energy Bank CEO Neal R. Verfuerth. “We recently launched a specialty outdoor fixture designed for auto dealers that we named the ‘Model T.’ Demonstrable performance results indicate a 70 percent reduction in energy consumption and dramatic increase in illumination. The assistance programs from the state are crucial as we move into the commercialization phase of the Model T.”
The Technology Development Loan from WEDC will augment the company’s ongoing investment in optimized thermal dynamics, precision optics and application engineering. The funds will help provide the company with additional working capital for research and development.
“One of the keys to ensuring continued economic growth in Wisconsin is providing new, innovative companies with the tools they need to succeed, and our Technology Development Loan and QNBV programs are two key investment tools available from the state,” said Reed Hall, Secretary/CEO of WEDC, the state’s lead economic development organization. “The technology being developed by Energy Bank has a lot of potential, and the support from WEDC will provide the company with a better chance to achieve that potential and be successful for years to come.”
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