Filed Pursuant to Rule 433
Registration Number 333-179541
May 16, 2012
Investor Presentation

Forward Looking Statements
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This presentation copyright 2012 by ZBB Energy Corporation

Power Industry Ripe for Disruption
Integrates uncontrolled power flows into economical, clean and reliable power systems
Grid is built on old technology
Rise of distributed renewables
Limited ability to store electricity
Diesel generated electricity is expensive

Mega-Trend Market Opportunity
Grid Storage Market Size ($ Billion) *
Top 5 Markets in 2017
(in billions $) *
UK
$10.7
Germany
$10.0
US
$25.7
Japan
$20.3
China
$20.0
* Source: Lux Research March, 2012

Major Market Driver: Increasing Solar Power
Solar Power Continues to Climb:
Decreasing cost to deploy & maintain *
Supportive environmental laws and mandates
State & federal incentives
Increase in cost of diesel fuel
Migration away from nuclear power
Distributed solar power will not scale without the smart storage that the ZBB EnerSystem enables
Growth in Distributed Solar Annual Capacity - Americas & Asia Thru 2015*

Unstable/Congested Grid
Distributed solar and wind generation cause intermittency
Unpredictable loads
Increase in electricity costs
Poor real-time control
Commercial & Industrial
Residential
Microgrid
Distributed
Resources
Load Serving Entity
Industrial Customer
Commercial Customer
Multi-Dwelling Unit
Residential
Customer

Solution: Networked Smart Storage with ZBB EnerSystem
Shock absorber for rapid change
Network of reserve capacity
Clips demand peaks
Replaces Demand Response
Reduces the need for diesel
Integrates renewables and storage
Blends AC and DC circuits

Commercial & Industrial
Residential
Microgrid
Distributed
Resources
Load Serving Entity
Industrial Customer
Commercial Customer
Multi-Dwelling Unit
Residential
Customer

ZBB EnerSystem
Simultaneous money saving operations
Modular electronics and storage
Plug & Play operation
Patented technology
On-grid or off-grid operation
Enables penetration of renewables
Grid control asset
Storage agnostic

ZBB EnerSection Power & Energy Control Center
ZBB EnerSection  - Cisco router for power
Microgrid-in-a-box
Patented common DC bus
Identical power modules; software configured
Easily expanded in the field
Proprietary inverters to 125 kW; ETL certified to UL 1741
-30C to +50C temperature range

Cost Comparison:Renewable Integration with Storage & Grid
49% less expensive than conventional project cost*
Common components
Single point of connection to Grid
Common software
Factory tested as a system
Less project risk

* Source:  Internal company estimates

Expansion
Delivered Equipment
Install
Design Engineering
Site Planning
Design
ZBB System Conventional Architecture

ZBB EnerStore Energy Storage System
Zinc-bromide flow batteries
Lowest long-term cost of ownership
Wide temperature range
1-8 hour discharge times
5x energy density of vanadium flow batteries
Cost less than Li-ion
Modular and transportable
Scalable from 50kWh to 1MWh
Environmentally friendly, easy to permit
Multiple patents and trade secrets
250kWh ZBB EnerStore
50kWh ZBB EnerStore

Cost Saving of ZBB EnerStore Compared to Lead Acid
Complete battery replacement Vs plastic stack replacement
Lead acid batteries are about five times the OPEX vs. EnerStore
Lead acid typically has more than two times the service costs
Flow batteries can save $600,000 over project
ZBB Flow Lead Acid
CAPEX System OPEX Replacement Parts OPEX service

* Source:  Internal company estimates

Target Market by Application
Microgrids
Ensure reliable power in environments that are unstable and rely on generators for a portion of their power
Commercial Buildings
Integrate renewables with storage and smart grid interface. Minimize the use of diesel generators.
Off-Grid
Lower cost for communication towers and remote power by  eliminating use of diesel generators and lead-acid batteries

Off-Grid
Market Opportunity
1.4 billion people have no electricity
Poor grids depend on diesel fuel
Military fuel costs dollars and lives
Telecom depends on diesel fuel & lead acid
Problems
Integration of intermittent AC and DC circuits with storage is complex
Costly, unreliable storage options
Diesel costs going up
Lead-acid battery environmental issues
Which would you buy?
Full Cost of Electricity *
$/kWh
ZBB EnerSystem(TM) w/50kW PV Diesel Genset (25kW) Diesel India (25kW)
* Source:  Internal company estimates

Remote Grid Project Example: US Military
ZBB is the market leader in storage design wins for the U.S. military market
Fort Sill microgrid; 500kWh project with Eaton
Trailer mounted EnerSection for forward operating bases and Homeland Security
1MWh system for Naval Facilities Engineering Command
Transportable system for Army
Pearl Harbor Hickam for SPIDERS Microgrid program

Major Market Driver: Microgrids
Can function as autonomous islands of power during times of emergency
Use a mix of energy sources, including renewables
Need intelligent power management and storage to be reliable and cost-effective
Remote/off-grid
Military stationary base
campus environment
commercial/industrial
commercial/industrial
Annual Microgrid Revenue by Segment, Base Scenario, World Markets:  2011-2017*
* Source:  Pike Research

Data Centers & UPS Integration
ZBB EnerSystem works seamlessly with existing DC based UPS systems
Integrates renewables, storage, grid input and DC output, included LED lighting
Use of system to supplement diesel genset
Provides stable supply of power from renewables
>30% efficiency savings using DC sources
Creates an AC and/or DC microgrid
Avoids peak demand charges
ZBB EnerSystem expandable with needs
25 to 200kW of PV
25 to 200kW wind
50 to 1000kWh of storage
380 VDC UPS output from all sources

Building Integration Example: Hawaii Mid-Rise Residential Power Systems
Challenge
Expensive ($0.28-0.33/kWh), unreliable electricity
4 hour daily peak rate
Grid instability due to renewable saturation
Emissions compliance & fuel costs make diesel back-up cost prohibitive
6000 elevator back-up system replacements required by code
Solution
ZBB EnerSystem integrates renewables with storage and Grid; provides provides off-grid back-up
Results
Multiple tax credits shorten ROI
40%* electrical cost savings
Grid operator gains stability
50kW/200kWh System Common Power Systems **
Cost Comparison: Genset vs. ZBB
Hawaii tax credit (35%) Federal RE ITC (30%) Net installed cost
Gen set cost - Installed ZBB System w/ PV - installed
* Source:  Internal company estimates
**Federal tax credits currently only available for residential applications

China Joint Venture
ZBB Energy holds 34% share and controls JV through Hong Kong holding company
Began operation at the end of 2011 with $13.4 million in registered capital
Partnered with PowerSav and two State Grid companies
First twelve ZBB EnerStore systems in assembly and test May-July 2012 timeframe
Market expected to reach $20 Billion by 2017*
* Source: Lux Research March, 2012

International Strategic Relationships
Honam Petrochemical Corp.
Honam is a $12 Billion division of the Lotte Group ($50 Billion in assets)
Collaboration on cost reduction and ramp of V3 ZBB EnerStore battery
Exclusive distribution in Korea, non exclusive in Japan, Taiwan, Malaysia, Singapore, Vietnam
US Technology Company R&D Project
Development of larger scale flow batteries
$700k equity investment; $800k phase one project

ZBB Operations
1 MWh ZBB EnerStore capacity per month (1 battery module per day)
Increase to 1.5 MWH per month with proportional increase in direct labor
ZBB EnerSection assembly and test in ZBB facility
25 kW inverter ETL certified to UL 1741
60 & 125 kW inverters expected to be ETL certified to UL 1741 within 60
30,000 Sq. ft. production in Wuhu, China
Inverter Assembly - Milwaukee, WI
60 kW Inverter
ZBB EnerStore Assembly  Milwaukee, WI

ZBB Projects
United States
Oregon State
Calif. Public Utility Comm.
NAVFAC/SEI (So. Calif.)
NAVFAC/SNI (So. Calif.)
General Atomics (So. Calif.)
Major Sports Stadium (Arizona)
Military - Undisclosed (Texas)
Eaton/Ft Sill (Oklahoma)
Lower Valley (Wyoming)
DoD/Transportable (Wisconsin)
UWM (Wisconsin)
CCG/IIT (Illinois)
UE Corp. (N. Virginia)
Envinity (Pennsylvania)
Pualani Manor (Hawaii)
Military  Undisclosed (Hawaii)
International
BC Hydro (Canada)
Dundalk  (Ireland)
China  Two Sites TBD
JeJu Island (Korea)
Honam Lab (Korea)
55+ ZBB EnerStores in backlog for projects around world
Initial shipments began Q1 2012

Product Sales Funnel & Backlog
Backlog of 55+ ZBB EnerStores as May, 2012
Shipments Backlog
q2-11 q3-11 q4-11 q1-12 q2-12 q3-12
Market Segment Number of Opportunities Dollar Value
Remote Grid 13 $12,369,998
Commercial Building 5 $  1,750,076
Micro Grid 18 $13,316,234
Strategic Partner 4 $  4,350,000
Other 15 $  3,923,146
Total 55 $35,709,454

ZBB Key Takeaways
Addressing  fast-growing, mega-trend global market opportunity
ZBB EnerSection is the Cisco Router of power
Smart storage solves distributed grid problems
Strong IP position creates sustainable advantage
Backlog demonstrates product acceptance
At inflection point; shipments began in fiscal Q3
Expect continued product revenue and margin ramp
Targeting break even earnings by Q4, 2013
Operationally set to ramp domestic annual sales to $45 million
ZBB EnerSystem
Shipments Backlog
q2-11 q3-11 q4-11 q1-12 q2-12 q3-12

Contact Us
Company Contact:
Eric Apfelbach
President & CEO
eapfelbach@zbbenergy.com
Office: (262) 253-9800 x 123
Mobile: (608) 576-7549

Investor Relations:
Justin Vaicek
Liolios Group, Inc.
Tel (949) 574-3860
ZBB@liolios.com