The Perth-based company said that the float would provide funds to assist with the expansion of its US manufacturing operations, so it could take advantage of increasing international demand for cost-effective power storage.

ZBB's chief executive Rob Parry said that ZBB's modular system was particularly suited to industrial applications associated with remote or renewable power sources, such as wind and solar power.

He added it was also ideal for big power utilities needing to store excess energy produced during off-peak periods to cater for peak period demand.

ZBB said that about one quarter of the company will be offered to Australian investors in preparation for a US listing.