Press release
Source: Zenn Motor Compagny
TORONTO, ON -- ZENN Motor Company Inc. (“ZMC” or “the Company”), a leading developer of zero emission transportation solutions and technologies, is pleased to announce that it has completed its due diligence on EEStor, Inc.’s (“EEStor”) stated permittivity results of the manufacturinggrade chemicals to be used in EEStor’s Electrical Energy Storage Units (EESU). The permittivity results were publicly announced by EEStor in a press release dated April 22, 2009 which they subsequently updated in a press release on April 29, 2009.
The verification process followed by ZMC was compliant with its Technology Agreement with EEStor. The Company contracted with Professional Testing (EMI), Inc. (PTI) located in Round Rock, Texas to verify calibration and suitability of the test equipment to accurately measure capacitance over a defined temperature range in order to determine permittivity. This verification procedure was performed by PTI before and after Dr. Golla performed the retesting on ZMC’s behalf. PTI is a test laboratory with over 20 years operating experience and has ISO 17025 accreditation from the National Voluntary Laboratory Accreditation Program. The permittivity re-testing was conducted on hot-pressed dielectric layers provided by EEStor and certified by them to have been made of materials produced on their production line. Dr. Edward D. Golla, a PhD in Analytical Chemistry, was independently contracted by ZMC and reperformed the testing of the dielectric layers. Dr. Golla is the Laboratory Director of Texas Research International, Austin, Texas. Dr. Golla’s relevant experience includes the application of instrumental techniques to analytical problems and he has also taught Chemistry and Instrumental Analysis at schools such as St. Edwards University and Southwestern University of Georgetown, Texas. ZMC received full cooperation from the management of EEStor in completing the verification process.
Texas-based EEStor disclosed that it had over-achieved on the key Technology Agreement milestone of permittivity levels for its Composition Modified Barium Titanate powders (CMBT), the main material in their ultracapacitor energy storage technology. The tests undertaken by the Company as outlined above confirmed the attainment of a relative permittivity of at least 22,500 over an operating temperature range of -20 to +65 degrees centigrade.
As a result of the verification of this significant milestone, ZMC will pay EEStor, Inc. the next milestone payment of US $700,000.00 in accordance with the Technology Agreement between the two companies.
“The permittivity results exceed the specifications outlined in our Technology Agreement by over 21 percent,” stated Michael Bergeron, VP of Engineering at ZMC. “Our engineering team has been working hard in preparation for the integration of EEStor’s technology into our planned range of Electric Vehicle offerings including the cityZENNTM and ZENNergyTM drivetrains and the permittivity results provide a great incentive for us to further increase our investment in this regard.”
The Company considers the high relative permittivity achieved by EEStor on its CMBT material, when viewed in conjunction with and in large part as a result of EEStor’s previously communicated accomplishments, to be an important step towards EEStor’s planned commercialization of EESUs that meet or exceed the specifications outlined in the Technology Agreement between the two companies.
Energy storage is directly proportional to permittivity, so by having attained a permittivity level that is at least 21 percent higher than the target stated within the Technology Agreement, even higher energy density is possible at the same working voltage over the temperature range of -20 to +65 degrees centigrade. Furthermore, EEStor’s past press releases have indicated:
a) their attainment of a very narrow particle size distribution in the range of 1 micron (an important determinant of permittivity);
b) extreme purification levels of the constituent chemicals, including aluminum oxide in the parts-per-trillion level (a key factor in the target working voltage without voltage breakdown);
and
c) their ability to tune the constituents of the CMBT powders so as to allow them to operate deep within the paraelectric phase, which assists EEStor in meeting the high working voltages outlined in the Company’s EESU specification.
“The permittivity results are a very significant event for ZMC,” said Ian Clifford, Chief Executive Officer of ZENN Motor Company. ”We look forward to the achievement of the final milestone under our agreement, the delivery of a full production quality EESU in accordance with our specifications.”
The EEStor EESU is expected to outperform every chemical battery on the market in terms of energy density, charge time, cost, and overall performance. According to EEStor, their energy storage technology is expected to provide the following key characteristics once commercialized:
• A fraction of the weight and volume of the most advanced chemical battery technology for the equivalent amount of energy storage
• The EESU will not contain any hazardous materials
• The EESU’s storage capacity will NOT be reduced by extremes in temperature
• Being a solid-state ceramic device, the EESU’s storage capacity and life expectancy will NOT be reduced with extensive charge-recharge cycles
• The EESU is capable of recharging at electronic speeds
• The EESU will be comprised of constituent powders that are fully recyclable
• The EESU will not suffer from self-discharge and can be stored for months in a fully charged state with minimal loss of energy
• The EESU will be priced attractively relative to advanced chemical batteries and will allow for viable and affordable electric vehicles
Through a wholly-owned subsidiary, the Company made a US $2.5 million equity investment in EEStor on April 30, 2007, for an approximate 3.8% ownership position of EEStor. Under the terms of the initial share purchase agreement, ZMC has an additional investment option of up to US $5 million at the same valuation upon EEStor’s successful completion of this permittivity milestone. The investment is subject to reduction based on participation by other EEStor shareholders.
“We now plan to increase our shareholder position in EEStor to the fullest extent possible,” stated Ian Clifford. “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, such as powering portable consumer electronics, improving the performance of renewable energy sources such as wind and solar generation, and increasing the efficiency and stability of power grids around the world.” Should the other EEStor shareholders exercise their maximum investment, the Company’s additional investment would be limited to US$2,000,000. The Company’s total minimum and maximum equity interest in EEStor following the investment would be in the range of approximately 6.2% to 10.5%. Details of the additional equity investment will be provided by the Company when determined.
photo:ZENN Motor Company
Source: Zenn Motor Compagny
TORONTO, ON -- ZENN Motor Company Inc. (“ZMC” or “the Company”), a leading developer of zero emission transportation solutions and technologies, is pleased to announce that it has completed its due diligence on EEStor, Inc.’s (“EEStor”) stated permittivity results of the manufacturinggrade chemicals to be used in EEStor’s Electrical Energy Storage Units (EESU). The permittivity results were publicly announced by EEStor in a press release dated April 22, 2009 which they subsequently updated in a press release on April 29, 2009.
The verification process followed by ZMC was compliant with its Technology Agreement with EEStor. The Company contracted with Professional Testing (EMI), Inc. (PTI) located in Round Rock, Texas to verify calibration and suitability of the test equipment to accurately measure capacitance over a defined temperature range in order to determine permittivity. This verification procedure was performed by PTI before and after Dr. Golla performed the retesting on ZMC’s behalf. PTI is a test laboratory with over 20 years operating experience and has ISO 17025 accreditation from the National Voluntary Laboratory Accreditation Program. The permittivity re-testing was conducted on hot-pressed dielectric layers provided by EEStor and certified by them to have been made of materials produced on their production line. Dr. Edward D. Golla, a PhD in Analytical Chemistry, was independently contracted by ZMC and reperformed the testing of the dielectric layers. Dr. Golla is the Laboratory Director of Texas Research International, Austin, Texas. Dr. Golla’s relevant experience includes the application of instrumental techniques to analytical problems and he has also taught Chemistry and Instrumental Analysis at schools such as St. Edwards University and Southwestern University of Georgetown, Texas. ZMC received full cooperation from the management of EEStor in completing the verification process.
Texas-based EEStor disclosed that it had over-achieved on the key Technology Agreement milestone of permittivity levels for its Composition Modified Barium Titanate powders (CMBT), the main material in their ultracapacitor energy storage technology. The tests undertaken by the Company as outlined above confirmed the attainment of a relative permittivity of at least 22,500 over an operating temperature range of -20 to +65 degrees centigrade.
As a result of the verification of this significant milestone, ZMC will pay EEStor, Inc. the next milestone payment of US $700,000.00 in accordance with the Technology Agreement between the two companies.
“The permittivity results exceed the specifications outlined in our Technology Agreement by over 21 percent,” stated Michael Bergeron, VP of Engineering at ZMC. “Our engineering team has been working hard in preparation for the integration of EEStor’s technology into our planned range of Electric Vehicle offerings including the cityZENNTM and ZENNergyTM drivetrains and the permittivity results provide a great incentive for us to further increase our investment in this regard.”
The Company considers the high relative permittivity achieved by EEStor on its CMBT material, when viewed in conjunction with and in large part as a result of EEStor’s previously communicated accomplishments, to be an important step towards EEStor’s planned commercialization of EESUs that meet or exceed the specifications outlined in the Technology Agreement between the two companies.
Energy storage is directly proportional to permittivity, so by having attained a permittivity level that is at least 21 percent higher than the target stated within the Technology Agreement, even higher energy density is possible at the same working voltage over the temperature range of -20 to +65 degrees centigrade. Furthermore, EEStor’s past press releases have indicated:
a) their attainment of a very narrow particle size distribution in the range of 1 micron (an important determinant of permittivity);
b) extreme purification levels of the constituent chemicals, including aluminum oxide in the parts-per-trillion level (a key factor in the target working voltage without voltage breakdown);
and
c) their ability to tune the constituents of the CMBT powders so as to allow them to operate deep within the paraelectric phase, which assists EEStor in meeting the high working voltages outlined in the Company’s EESU specification.
“The permittivity results are a very significant event for ZMC,” said Ian Clifford, Chief Executive Officer of ZENN Motor Company. ”We look forward to the achievement of the final milestone under our agreement, the delivery of a full production quality EESU in accordance with our specifications.”
The EEStor EESU is expected to outperform every chemical battery on the market in terms of energy density, charge time, cost, and overall performance. According to EEStor, their energy storage technology is expected to provide the following key characteristics once commercialized:
• A fraction of the weight and volume of the most advanced chemical battery technology for the equivalent amount of energy storage
• The EESU will not contain any hazardous materials
• The EESU’s storage capacity will NOT be reduced by extremes in temperature
• Being a solid-state ceramic device, the EESU’s storage capacity and life expectancy will NOT be reduced with extensive charge-recharge cycles
• The EESU is capable of recharging at electronic speeds
• The EESU will be comprised of constituent powders that are fully recyclable
• The EESU will not suffer from self-discharge and can be stored for months in a fully charged state with minimal loss of energy
• The EESU will be priced attractively relative to advanced chemical batteries and will allow for viable and affordable electric vehicles
Through a wholly-owned subsidiary, the Company made a US $2.5 million equity investment in EEStor on April 30, 2007, for an approximate 3.8% ownership position of EEStor. Under the terms of the initial share purchase agreement, ZMC has an additional investment option of up to US $5 million at the same valuation upon EEStor’s successful completion of this permittivity milestone. The investment is subject to reduction based on participation by other EEStor shareholders.
“We now plan to increase our shareholder position in EEStor to the fullest extent possible,” stated Ian Clifford. “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, such as powering portable consumer electronics, improving the performance of renewable energy sources such as wind and solar generation, and increasing the efficiency and stability of power grids around the world.” Should the other EEStor shareholders exercise their maximum investment, the Company’s additional investment would be limited to US$2,000,000. The Company’s total minimum and maximum equity interest in EEStor following the investment would be in the range of approximately 6.2% to 10.5%. Details of the additional equity investment will be provided by the Company when determined.
photo:ZENN Motor Company