Zenn Motor confirms EEStor battery results

OTTAWA, ONTARIO - Canadian electric car maker Zenn Motor Co said it has confirmed test results for U.S. partner EEStor Inc's potentially ground-breaking battery and now plans to boost its stake in the battery technology developer.

Zenn said it will invest between $2 million and $5 million to hike its share of privately held EEStor to as much as 10.5 percent from the about 3.8 percent it holds currently.

Toronto-based Zenn, which makes low-speed, short-range electric vehicles, has hinged its plans to produce a highway-capable electric vehicle on EEStor's energy storage system. EEStor's battery is expected to outperform every chemical battery on the market for energy density, charge time, cost, and performance, Zenn said.

"In addition to our exclusive automotive applications, our equity position in EEStor gives our shareholders a stake in the many potential mass applications EEStor can pursue," Zenn Chief Executive Ian Clifford said in a statement.

Those markets range from portable consumer electronics to renewable power development, he said.

Zenn also holds worldwide exclusive rights to the battery system in vehicles under 1,400 kg (3,086 lbs).

Under a technology development deal, Zenn has already paid Texas-based EEStor $1.3 million of a $2.5 million commitment based on set milestones. The positive test results trigger a $700,000 payment.

EEStor's system bettered specifications by 21 percent, Zenn said, which indicates superior energy storage.

"Our engineering team has been working hard in preparation for the integration of EEStor's technology into our planned range of electric vehicle offerings," said Zenn vice-president of engineering Michael Bergeron in a statement.

The results are "a great incentive" to further increase integration investments, he added. Zenn shares gained 9 Canadian cents to $5.34 on the TSX Venture Exchange on May 21. The stock soared nearly 70 percent in late April after EEStor announced positive performance data from its tests.

Related News

bruce power plant

Operating record for Bruce Power as Covid-19 support Council announced

ONTARIO - Canada’s Bruce Power said on 1 May that unit 1 at the Bruce nuclear power plant had set a record of 624 consecutive days of reliable operation – the longest since it was returned to service in 2012.

It exceeded Bruce 8’s run of 623 consecutive days between May 2016 and February 2018. Bruce 1, a Candu reactor, was put into service in 1977. It was shut down and mothballed by the former Ontario Hydro in 1997, and was refurbished and returned to service in 2012 by Bruce Power.

Bruce units 3 and 4 were restarted in 2003 and 2004.…

READ MORE
working from home

Working From Home Will Drive Up Electricity Bills for Consumers

READ MORE

power

U.S. power demand seen sliding 1% in 2023 on milder weather

READ MORE

US Government Condemns Russia for Power Grid Hacking

READ MORE

U.S. Department of Energy Announces $110M for Carbon Capture, Utilization, and Storage

READ MORE