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EEStor & Zenn make announcements
This was posted from the AustinEV group and is significant since stealthy EEStor could be a major playah if their stuff actually works.
Dear ZENN Enthusiast, May 21, 2009 was a significant day for ZENN Motor Company as it confirmed the results of EEStor’s previously announced permittivity results. As many of you may be aware, the successful achievement of these results by EEStor triggers a couple of key events for the Company. Firstly, we will pay EEStor the milestone payment of US $700,000 per our Technology Agreement with them and, To read the news release, click here. Secondly, we intend to increase our equity investment in EEStor to the fullest extent possible. Further details regarding this investment will be announced when determined. The achievement of this key milestone is very encouraging towards the end goal of commercializing EEStor’s technology. For this reason, I am as optimistic as ever and remain committed to the mass electrification of the transportation industry. EEStor has also stated that their objective is to complete component testing by September 2009 and deliver production quality components and/or EESUs by the end of 2009. Please see the article from ‘All Cars Electric.’ All the Best, Founder and Chief Executive Officer ZENN Motor Company ZENN In the News: EEStor VP Says EESUs to be Delivered by End of 2009.(All Cars Electric, June 1, 2009) ZENN to increase EEStor ownership.(Toronto Star, May 22, 2009) ZENN CEO reveals details of EEStor’s progress.(Cleantech, May 22, 2009) ZENN Motor confirms EEStor battery results. (Reuters, May 21, 2009)
