Energy Bank receives $250,000 loan from WEDC

Special to The Freeman

Dec. 4, 2014

MANITOWOC — Energy Bank, Inc. announced Thursday it has received a $250,000 Technology Development Loan from the Wisconsin Economic Development Corporation to augment the company’s ongoing investment in optimized thermal dynamics, precision optics and application engineering.

The Manitowoc-based Energy Bank, Inc. specializes in the advancement of solid state lighting and controls. According to the announcement, the company is developing technology that enhances the performance of the LED light engine and anticipates creating more than 60 new jobs in the next three years.

Energy Bank also is certified for $1.25 million in Qualified New Business Venture tax credits.

“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 in a statement. “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.”