ZENN Invests in EEStor

Adapted From ZENN press release:

Feel Good Cars Corporation (TSX VENTURE:ZNN), operating as ZENN Motor Company ("ZENN"), announced on April 30 that it has made a US $2.5 million equity investment in Austin-based energy storage developer, EEStor, Inc. The negotiated investment terms also grant ZENN an additional investment option of up to US $5 million on the same terms, following EEStor's successful completion of its next major milestone: permittivity testing.

Permittivity is a measurement of how much energy can be stored in the EEStor production materials. The requirements of permittivity levels are specified in detail in the existing Technology Agreement between ZENN Motor Company and EEStor, Inc. The verification of permittivity levels will be conducted by an independent 3rd party laboratory. This testing is required to show consistent and replicable results of both the production line and materials produced.

Under its Technology Agreement with EEStor, Inc., ZENN holds certain worldwide exclusive licenses for EEStor's batteries for new small and medium-sized low speed and highway capable vehicles (up to 1,400 kgs curb weight). ZENN also holds worldwide exclusive rights for EEStor's batteries for the conversion of any used internal combustion passenger vehicle to electric drive.

Following this initial investment of US $2.5 million, ZENN Motor Company will own approximately 3.8% of the equity of EEStor, Inc.

While continuing to grow its core business of assembly and distribution of low speed electric vehicles, ZENN Motor Company is actively pursuing the commercialization of EEStor technology for its exclusive worldwide markets.

Headquartered in Toronto, Canada, Feel Good Cars Corporation and its wholly owned subsidiary Feel Good Cars Inc., is dedicated to producing zero-emission transportation solutions for global markets, including the revolutionary ZENN. The ZENN is sold through a growing network of retailers across the United States.

The ZENN is a fully electric low speed vehicle (LSV) with European styling and appointments that offers customers tremendous operational cost savings compared to a vehicle powered by an internal combustion engine.

The potential commercialization of EEStor's Electrical Energy Storage Units in future ZENN vehicles will allow them to go as far and as fast as a traditional car at a fraction of the cost. Moreover, the ZENN electric vehicles will have all of the benefits of an internal combustion vehicle without the harmful emissions, sensitivity to escalating gas prices, or noise pollution.

The current version of the ZENN has a top speed of 25 mph (40 km/h), a range of approximately 35 miles and is powered with 6 x 12V valve-regulated, sealed lead-acid gel batteries.  Full specifications are here. They currently have approximately 20 dealers in the U.S.

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Comments

[SoCalMan]

Tesla, A123, Altair, Phoenix, EEStor, these are the risk takers that give us hope that real change is possible on global climate problems. Not all will make a viable long-term product, but it only takes a few. Meanwhile, big companies like GM, Toyoda and Ford sit back and wait for the real innovators to deliver a solution into their lazy laps.

[Gregor]

SoCalMan.....and then the big car companys will buy them out and either shelve it or take their time delivering the product, keeping the big oil boys happy.

Eestor Inc. has us holding our breath that they can produce what they initially claimed in their patent. Here's hoping that they can, and that they don't sell out to the big 3.

[mjtimber]

Gregor, if their technology works as they say at the cost they say, EEStor will probably be buying one of the big three. This isn't like Ovonics, which was hardly a major advance. This is more along the lines of Microsoft, a major innovation which will revolutionize the way we do almost everything. Solar and wind suddenly become viable with backup storage. Cars can be used to sell electricity back to the grid at peak rates.

That said, I'm not sold that this will work as they say. I hope it does, but I've read too much about potential problems that don't seem to be addressed in the patent or press releases. If it does work, however, I'll be the first in line.

[kedros parc]

It's all about the powder

[John H]

MJTimber: Microsoft, major innovation? How so? Bill was in the right place at the right time and has proved to be an extremely shrewd and aggressive businessman. He did nothing as technologically challenging as is being discussed here.

Kedros: Ahh, how I wish you were for real!

[kedros parc]

It's so easy!

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