ZBB Energy Corp. (AMEX: ZBB) Investor Presetnation - November 2008

1. Investor Presentation
November 2008
Example Presentation April 2008
ZBB ENERGY CORPORATION

2. Forward Looking Statement
This presentation may contain “forward looking statements” which are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In
some cases you can identify those so-called forward looking statements by words such
as may, will, should, expects, plans, targets, anticipates, believes, estimates, predicts,
potential, or continue, or the negative of those words and other comparable words.
These forward looking statements are subject to risks and uncertainties, product tests,
commercialization risks, availability of financing, and results of financing efforts, that
could cause actual results to differ materially from historical results or those
anticipated.
Further information regarding these and other risks is detailed from time to time in the
Company’s filings with the Securities and Exchange Commission.
We assume no obligation to update or alter our forward looking statements in this
presentation or in any periodic report, whether as a result of new information, future
events, or otherwise, except as otherwise required by applicable federal securities
laws.
ZBB ENERGY CORPORATION ZBB

3. ZBB Snapshot
To become the leader in large capacity energy storage solutions
Our energy storage solutions address issues related to
grid stability and renewable energy intermittency.
o Distributed storage of electrical energy during off peak
periods.
Re-supply on high demand providing grid reliability and
economic benefits.
o Smoothing / shifting intermittent renewable energy
generation.
Controlled generation, grid stability and optimal use
o Enabling energy independence and RAPS
o Green back up power and power quality.
ZBB ‘s technology fits hand-in-hand with alternative
energy growth and deployment.
ZBB ENERGY CORPORATION ZBB

4. ZBB Investment Considerations
ZBB’s storage solution products offers efficient and
Superior Technology 1 cost-effective technology that addresses key
constraint and consistency issues
Ramping sales and marketing effort resulting in
Growing Sales Pipeline 2 multitude of potential projects
Products address alternative energy intermittency and
Alternative Energy Focus 3 efficiency issues.
Company has 20+ patents that protect all aspects of
Intellectual Property 4 the product and technology
With approximately $8.0 million in cash and no debt,
Solid Financial Position 5 ZBB’s balance sheet is funded for growth
ZBB ENERGY CORPORATION ZBB

5. Alternative Energy Growth Projections
Increased attention and investment dollars will provide growth to alternative sources of
power
Drivers of Growth
•GHG Emissions
6.4 Renewables*
34% 2365
22%
•MRET’s
7.3 Nuclear •Energy Independence
24% 925
19%
1024
3.3 •Energy Security
367 1352
3.9 Natural Gas
2.6
•Archaic T&D Infrastructure
1179 3.5
2095 11.6 Coal Factors to consider
1400 7.3
383 313 Oil •Oil & gas price volatility
1.0 0.7
2006 2030 2006 2030 •Social Awareness
Capacity Output
(Gigawatts) (Gigawatt-Hours) •Utilities - Tax credits
*Includes hydroelectric, solar, wind, geothermal, biomass
ZBB ENERGY CORPORATION ZBB

6. Production versus Consumption
Significant “loss” of energy supports the requirement for efficiency through energy
storage capabilities.
Total Production Versus Consumption
0.004
of Alternative Energy Resources
0.003
kWh per year
0.002
0.001
0 Energy from Utility
2006 2010 2015 2020 2025 2030
Hydropower Biomass Other Renewable Energy Consumption
Source: Energy Information Administration / Annual Energy Outlook 2008
ZBB ENERGY CORPORATION ZBB

7. Product Overview
ZESS (“Zinc Energy Storage System ”) – a large capacity regenerative fuel cell storage, plug and
play product
Modular systems of 50kWh or 500kWh built
from 50kWh modules
Flow-based system with electrolyte stored
in external tanks
Deep discharge
20 + years product life
Easily transportable
Standard Module ZESS 50
Operates quietly at ambient temperature
Environmentally friendly
Winner of the Frost & Sullivan Large
Capacity Electricity Storage Innovation
Award
ZESS 500
ZBB ENERGY CORPORATION ZBB

8. Storage Technology Comparisons
ZESS technology offers multi-hour energy storage with a clean, deep-discharge, energy
neutral, compartmentalized system
Zinc-Bromide Regenerative fuel cell battery using an electrolyte system. During charge,
metallic zinc is plated from the electrolyte solution onto the negative electrode
surfaces in the cell stacks. During discharge the metallic zinc dissolves in the
electrolyte and is able to be plated again. Capable of full discharge (100% of
stored energy) without damage. • Improved energy density
Sodium Sulfur (NaS) Consists of molten liquid sulphur at the positive electrode and molten liquid
sodium at the negative electrode, separated by a solid beta alumina ceramic • Deep discharge
electrolyte. Kept at high temperatures above 300o C to allow the process to
occur. It is used for power quality and peak shaving applications. It has also
demonstrated more than 20 MW, with stored energy suitable for eight hours of
• Superior cycle life
daily peak shaving with 89% efficiency.
Flow battery that stores energy by employing vanadium redox couples and is
• Wider operating temperature range
Vanadium Redox (VRB) stored in sulphuric acid solutions. Storage of up to 500 kW for 10 hours, or 5
MWh. Net efficiency is about 70%, and is heavy and large-scaled. It has been • Modularity
installed by Sumitomo Electric in Japan and by Vantek in South Africa.
Pumped Hydro Storage Widely used but characterized by long construction times and high capital • Low Maintenance
expenditures. Used for water reservoirs. Water is pumped from a lower
reservoir to an upper reservoir during off peak times, and then reversed to
generate electricity.
• Reliability
CAES A peaking gas turbine power plant using compressed air stored in underground
caverns inside salt rocks.
• Cost
Lead Acid Suitability for energy management is very limited in applications that require
deep discharge, long life cycle and longer term energy storage. The base
components (lead and sulfuric acid) are neither desirable to handle and recycle
or to have installed in a facility without more extensive infrastructure and
precautions.
ZBB ENERGY CORPORATION ZBB

9. Manufacturing Capabilities
ZBB has a proven, cost-effective platform for the manufacturing of the ZESS units
Increased production capacity:
8MWh 12/2007
30MWh 12/2008
48MWh 12/2009 Milwaukee, WI
72MWh 12/2010
Headquarters and
manufacturing
Company owned 75,000sq ft headquarters facilities
and manufacturing facility
Manufacturing capacity currently
expanding to 50 x ZESS 50 modules per
month
Perth, Australia
32 full time employees in corporate and Research &
manufacturing operations Development
7 full-time engineers located in Perth R&D
operations
ZBB ENERGY CORPORATION ZBB

10. Multiple Market Applications
Electric Utilities Renewable Energy Industrial
Implement peak shaving Store and re-supply generated Implement smart metering to
Manage cost efficiency power during high-demand use grid-power when cost
periods efficient to do so
Reduce grid vulnerability
Smooth power delivery from Reduce CO2 emission
Reduce capital infrastructure the generator to the grid
costs
Source: BCC Research Source: Electricity Storage Association Source: Electricity Storage Association
ZBB ENERGY CORPORATION ZBB

11. Current and Potential Projects
Ramping sales and marketing efforts resulting in multitude of potential projects
Synergy Power Corporation
Zest Energy
Electric Utilities Renewable Energy Commercial / Industrial
North America – 32.8MWh North America – 94.55MWh North America – 28.6MWh
Europe – 2.05MWh Europe - .5MWh Europe – Nil
Australia – 1 MWh Australia – 2.0MWh Australia – Nil
Africa – Nil Africa – 18.6MWh Africa - Nil
35.85MWh 115.65MWh 28.6MWh
ZBB ENERGY CORPORATION ZBB

12. Client Case Study: Solar Project - LifeVillage TM
ZBB is a partner with Envision Solar as part of a renewable energy initiative by Envision
Solar, to provide a reliable source of electricity for remote locations with a complete,
modularized solution
∙ 32 kW Photovoltaic System
∙ ZESS 50 storage system
∙ Water pump and purification system
∙ Six modular buildings totaling 3,000 square
feet (279 square meters) of sheltered floor
area which can be configured to meet a variety
of needs
ZBB ENERGY CORPORATION ZBB

13. Client Case Study: Eaton Corporation
ZBB and Eaton Corporation collaborate for advances in product, sales and marketing,
services and facilities .
Renewable energy and product development
WEIF Grant (co-share $229k grant from the State of Wisconsin to develop power
conversion and energy storage system that will be compatible with both grid and
solar power)
ZESS 50 (3)
System design and deployment
Sales and marketing with new and existing lines
Solar and wind energy market
Commercial and industrial
Utility
Eaton EESS
Studies through turn-key
Energy Storage solutions
Facilities
Eaton Corporation – Nationwide offices
ZBB Energy – Wisconsin only
ZBB ENERGY CORPORATION ZBB

14. Company Milestones
Over 20 patents held and patent applications filed More than $60 million invested to date.
After start up Completed all Hosts Energy
Contract with Distribution Forum with
period, acquired additional R&D FutureHouse Agreement Governor
Johnson and beta USA to provide with New Age Richardson &
Controls zinc testing. ZESS 50 Energy, Inc & Governor Doyle
bromine
technology. ZEST Energy to discuss
Pty, Ltd alternative
energy solutions
1994 1998 2004 2007 2008
Provides Energy Co-Share State of
Formed ZBB Raised $20 Storage for Wisconsin Clean
Energy and million via Solar Power Energy Fund
moved IPO in June Project with Grant with Eaton
Headquarters to 2007. Envision Solar Corporation
U.S.
ZBB ENERGY CORPORATION ZBB

15. Energy Storage Valuation vs. Solar and Wind
Energy storage today represents only a fraction of the aggregate valuations of solar and wind public
companies. Market has not connected the interplay of storage and alternative energy, providing
potential for significant upside.
Aggregate Market Capitalization
ENERGY ZBB, VLNC,
$27.0 b STORAGE AXPW.OB, ALTI,
BCON, HEV, XIDE,
HPJ, ENS, ABAT,
CBAK, CHP, ULBI,
MXWL
WIND RPW, BWEN, CWP,
BBW, WNEA, GES,
HSN, NDX
EXCLUDES: GE, SIE,
VWS
SOLAR SPWRA, ESLR, ENER,
$7.0 b FSLR, STP, WFR,
JASO, LDK, CSIQ
$2.8 b
Energy Wind Solar
Storage
ZBB ENERGY CORPORATION ZBB

16. Valuation vs. Peer Group
ZBB Energy
Trading Statistics of Comparable Companies
(In $ millions, except per share data) Stock Revenue Enterprise Value / Price /
Price 52 Week % of 52 Market Enterprise Growth Revenues Book Value
Company (a) Ticker 10/15/08 High Low Week High Cap (b) Value (c) Rate 2Yr LTM 2008E 2009E Q2 CY08
VRB Power Systems Inc. VRB $ 0.03 $ 0.34 $ 0.03 8.8% $ 4.9 $ 0.9 128.1% 2.3x 1.2x 0.0x 0.6x
Axion Power International Inc. AXPW $ 1.05 2.74 1.01 38.3% 27.7 27.6 88.9% 43.9x NA NA 1.6x
Cougar Energy Limited CXY $ 0.08 0.26 0.04 31.2% 42.0 32.9 53.6% 215.0x NA NA 2.5x
Plug Power Inc. PLUG $ 0.93 4.75 0.64 19.6% 82.0 (45.9) 25.0% NM NM -2.1x 0.6x
Capstone Turbine Corp. CPST $ 1.25 4.42 0.94 28.3% 190.1 157.5 11.2% 4.7x NA NA 3.8x
ABAT
Advanced Battery Technologies Inc. $ 2.50 7.65 2.40 32.7% 131.4 110.4 112.0% 2.7x NA NA 2.6x
SatCon Technology Corp. SATC $ 1.72 3.51 1.15 49.0% 87.7 97.7 33.6% 1.4x 1.5x 1.0x 9.4x
Ballard Power Systems Inc. BLDP $ 2.43 5.94 1.94 40.9% 246.0 198.8 22.2% 3.0x 3.0x 2.3x 2.3x
EnerSys ENS $ 12.62 37.71 11.45 33.5% 626.6 1,029.2 27.9% 0.5x 0.5x 0.4x 2.1x
Energy Conversion Devices, Inc. ENER $ 37.78 83.33 20.47 45.3% 1,725.3 1,564.5 58.1% 6.1x 4.4x 2.6x 2.4x
Hong Kong Highpower Technology, HPJInc. $ 3.03 8.35 1.68 36.3% 41.1 54.9 0.0% 0.7x NA NA 3.0x
Exide Technologies XIDE $ 4.67 19.66 4.00 23.8% 351.7 951.5 17.4% 0.2x 0.2x 0.3x 1.0x
ZBB Energy Corporation ZBB $ 1.88 4.54 1.35 41.4% 19.8 13.4 53.9% 10.4x NA NA 1.75x
Discount to Mean 5.2% 203.1% 51%
Discount to Adjusted Mean 5.2% -12.0% 51.3%
Mean 33.6% 48.2% 31.7x 15.1x 1.2x 2.7x
Median 34.9% 30.7% 2.7x 1.3x 0.6x 2.3x
Adjusted Mean (d) 33.6% 48.2% 9.2x 1.8x 0.7x 2.65x
High 49.0% 128.1% 44.0x 4.4x 5.7x 9.4x
Low 8.8% 0.0% 0.2x 0.2x -2.1x 0.6x
Source: Company filings and Capital IQ.
Note: Forecasted valuation ratios are based on calendar year figures.
NA: Not Available; NM: Not Meaningful.
(a) Data represent consolidated financial information and exclude non-recurring charges.
(b) Diluted equity value using the treasury stock method based on options outstanding.
(c) Represents Equity Value plus Total Debt, Total Preferred and Minority Interest less Cash and Investments in Unconsolidated Affiliates.
(d) Adjusted Mean excludes data for LTM EV/REV for CXY, ENS, HPJ and XIDE due to outlying multiples
ZBB ENERGY CORPORATION ZBB

17. Positioning during Economic Downturn
Balanced approach to be both fiscally conservative and
opportunistic during this time of economic uncertainty.
• Extension of the alternative energy tax credits will stimulate many of our
markets, including major utilities;
• Situational analysis of all aspects of business processes;
• Zero-based budget processes have been implemented;
• Marketing budget is mostly commissioned-upside
• Review of staff and salaries undertaken in past months
• Constant bank review where cash is managed
ZBB ENERGY CORPORATION ZBB

18. Strong Management Team
• 25 years experience in large capacity storage industry
Robert Parry • Held management positions with ZBB since its founding in 1982
• International experience in corporate management, finance, technology and
Chief Executive Officer acquisitions
• CPA, Australia
• VP, International Sales & Operations, of Cooper Power Systems responsible for four
Steven Seeker international plants and a network of sales representatives and employees in over
75 countries for over 31 years
Chief Operating Officer • Award winner from 2006 Astin-Polk International Standards Medal
Scott Scampini • Price Waterhouse and BDO Siedman partners
• 13 years CFO and Executive Vice President of MGS Manufacturing Group
Chief Financial Officer • CPA
• Senior member of management team with ABB, a multi-billion dollar company
Kevin Dennis with worldwide operations
VP Marketing & Sales • Extensive marketing, sales and engineering expertise in utility and renewable
energy markets worldwide
Peter Lex, Senior Chemical Engineer
Michael Hughes, Senior Electrical Engineer
Bjorn Jonshagen, Senior R&D Engineer
Note: 40+ employees in USA and Australia
ZBB ENERGY CORPORATION ZBB

19. Board of Directors
• Energy Advisor to Governor of California
• Chairman of Intekea
William Mundell • Former - Chairman and CEO of Vidyah Corp and former Chairman of Trade, Inc
• Former CEO of WEFA
Chairman & Director • Honorary professor at Tsinghau University in China and graduate of Carlton University in Canada and
Columbia University (MBA in Finance and Masters in International Economics and Public Finance)
Manfred Brinbaum • Former Executive of English Electric Corp. (wholly owned sub of GE of England)
• 26 year Senior Officer of Westinghouse Electric Corp.
Director • Management Consultant
Richard Payne • 26 years experience in corporate and commercial law
• Director Agri Energy Ltd
Director • Director Broome International Airport group of companies
• 25 years experience in large capacity storage industry
Robert Parry • Held management positions with ZBB since its founding in 1982
Chief Executive Officer • International experience in corporate management, finance, technology and acquisitions
• CPA, Australia
Marc Marotta • Partner Foley & Lardner LLP
• Former Secretary of the Dept of Admin - State of Wisconsin. Boards including; State of Wisconsin
Special Counsel to Board Investment Board, the Board of University Hospitals and Clinics and the Wisconsin Center District
Board.
of Directors • Graduate of Harvard Law School and Marquette University
ZBB ENERGY CORPORATION ZBB

20. Financial Data
Summary of Capitalization
AMEX: ZBB Public Float 6,927,864 66.0%
Stock Price: $3.85 Institutions1 3,192,064 30.3%
Market Cap: $40.5 Million Insiders 392,355 3.7%
Common Shares Outstanding 10,512,283 100%
Select Financial Data at June 30, 2008
(in millions)
Fiscal Year End June 30 Revenues $1.3
Total Cash $8.5 Total Debt2 $2.05
Total Assets3 $15.5 Shareholders Equity $12.02
Notes:
1 Represents GLG Partners ownership
2Debt represents mortgage on newly acquired Milwaukee facility and equipment
3 R&D investment to date approximately $60mm
ZBB ENERGY CORPORATION ZBB

21. ZBB - The Energy Storage Leader
“ZBB is a transition stage manufacturer of zinc bromide flow batteries and the
clear leader in the “hours of discharge time” product class.”
-John Peterson, Seeking Alpha, Alternative Energy Storage and Blood in the Streets, dated October 13, 2008
quot;ZBB Energy Corporation [is] a leader in developing and producing technology that
increases energy efficiency, minimizes the impact on the environment and
maximizes the use of renewable energy.“
-Wisconsin Gov. Jim Doyle, Visit to ZBB Energy Corporation manufacturing facilities, dated October 3, 2008
quot;Grid-scale storage is here now”
-Dr Ed Cazalet of MegaWatt Storage Farms, Electricity Storage Association's Annual Meeting in California, 2008
quot;No matter what kinds of alternative renewable energy sources are developed, they
cannot be fully utilized if there's no way to store the energy they generate for use
during peak-demand hours. ZBB's electrical fuel cell is the answer.“
peak- hours. answer.
-Michael Betsch, New Age Energy's CEO, August 2008
ZBB ENERGY CORPORATION ZBB

22. Thank You
Example Presentation April 2008