MADISON – Energy
Bank Inc., a Manitowoc-based company specializing in the advancement of solid
state lighting and controls, has received a $250,000 loan from the Wisconsin Economic
Development Corp. (WEDC).
The company is
developing technology that enhances the performance of the LED light engine.
Energy Bank expects to create more than 60 new jobs in the next three years as
the company grows.
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.
The company also
is certified for $1.25 million in Qualified New Business Venture (QNBV) 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.
“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 and 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.”
“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.”
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