Zenn Motor loses $2.6 million in third quarter
The loss amounted to eight cents per share share, up from a loss of $1.9 million, or six cents per share, for the same period a year ago. Revenue was $300,267, down from $962,325 a year earlier.
The Toronto-based company said it invested $5 million (US) in EEStor Inc., raising its stake in the developer and maker of energy storage devices to 10.7 per cent.
"This investment gives our shareholders a stake in the many potential mass applications of EEStor's technology, including portable consumer electronics, (and) improving the performance of renewable energy sources such as wind and solar generation," CEO Ian Clifford said in a release.
The current Zenn vehicle — an acronym for Zero Emission No Noise — is intended for urban commuters and use in places such as resorts, gated communities, airports and campuses.
Zenn was excluded from a recently announced Ontario electric car rebate program, which offers up to $10,000 when buying plug-in hybrid and battery electric vehicles, because its cars have not been deemed safe for highway use.
The three-door hatchback, made in St-Jerome, Que., can reach a speed of 40 kilometres an hour and has a range of up to 80 kilometres.
Zenn shares gained 26 cents to $5.25 on the TSX Venture Exchange.
Related News
Biggest offshore windfarm to start UK supply this week
LONDON - An offshore windfarm on the Yorkshire coast that will dwarf the world’s largest when completed is to supply its first power to the UK electricity grid this week.
The Danish developer Ørsted, which has installed the first of 174 turbines at Hornsea One, said it was ready to step up its plans and fill the gap left by failed nuclear power schemes.
The size of the project takes the burgeoning offshore wind power sector to a new scale, on a par with conventional fossil fuel-fired power stations.
Hornsea One will cover 407 square kilometres, five times the size of the nearby…
