Wisconsin Battery Company (WinBat), a leading force in sustainable energy storage innovation, proudly announces that the Wisconsin Economic Development Corporation (WEDC) has granted it a 25% transferable state Qualified New Business Venture (QNBV) income tax credit for investors. This endorsement highlights WinBat’s potential to contribute to economic growth and technological progress within the state.
The tax credit, a key element of WEDC’s strategy to nurture innovation and support high-growth sectors, is anticipated to draw significant investment into WinBat. This will support the company’s mission to develop advanced battery technologies that meet the increasing demand for efficient and eco-friendly energy storage solutions.
In addition to this award, WinBat has enlisted Sterling Ridge Capital, a top investment advisory firm, to assist in concluding its $12 million seed round. The round, aimed at accelerating product development and scaling operations, is currently 45% complete.
“We are excited to receive this support from WEDC, which underscores the strategic importance of our work in energy storage,” said Jeff Greene, CEO of WinBat. “The 25% state income tax credit will significantly boost our ability to attract the capital needed to bring our innovative solutions to market.”
Sterling Ridge Capital, with its extensive experience and strong track record in securing investments for high-potential ventures, will play a crucial role in guiding WinBat through the final stages of its seed round. Their expertise is expected to help the company achieve rapid growth and success.
“WinBat is positioned at the cutting edge of a transformative industry,” said Luka Petkovic, Managing Director of Sterling Ridge Capital. “We are eager to work with them and help bring their vision for revolutionizing energy storage to fruition. The WEDC tax credit offers substantial value to investors, and we are confident in our ability to successfully complete this funding round.”
WinBat is focused on advancing energy storage technologies that combine efficiency, reliability, and environmental sustainability. The funds raised in this seed round will be used to further research and development, expand manufacturing capabilities, and enhance the company’s market presence.
“Wisconsin is a leader in electrification, including power storage, across manufacturing and research and development,” said WEDC Secretary and CEO Missy Hughes. “Wisconsin Battery’s commitment to sustainable energy storage exemplifies the innovative thinking that will drive our state forward.”
About WinBat
Wisconsin Battery Company is a benefit corporation dedicated to developing advanced battery technologies that address the needs of a modern, energy-efficient world. Focused on sustainability, efficiency, and reliability, WinBat aims to deliver innovative solutions that contribute to a cleaner and safer future.
About Sterling Ridge Capital
Sterling Ridge Capital is a prominent investment advisory firm specializing in high-growth companies. Known for its excellence and deep understanding of the investment landscape, Sterling Ridge Capital provides strategic guidance and expertise to help businesses meet their financial and operational objectives.
About the Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) spearheads economic development in the state by creating and maximizing opportunities for businesses, communities, and individuals to thrive in a competitive global environment. Collaborating with over 600 regional and local partners, WEDC delivers solutions through a highly responsive and coordinated economic development network. For more information, visit wedc.org or follow WEDC on Twitter (X) @WEDCNews.
