Zenn Motor Company Inc (C:ZNN)
Shares Issued 37,055,502
Last Close 10/5/2009 $5.04
Tuesday October 06 2009 - In the News
The Globe and Mail reports in its Tuesday edition that Zenn Motor has latched onto a technology would allow electric vehicles to travel 400 kilometres on a five-minute charge. The Globe's Steve Ladurantaye writes that Zenn is so convinced that EEStor Inc.'s "ultracapacitor" technology is sound that in June it invested another $5-million on top of an original $2.5-million payment to secure a 10.7-per-cent ownership stake and exclusive rights to use the technology in small cars. It has also banked its entire future on the technology. Last month, Zenn said it would stop trying to make its own cars and instead focus on selling its EEStor-based drivetrain to industry leaders such as Toyota and Ford. "I have high confidence that their storage technology will be successfully commercialized," said Zenn chief executive officer Ian Clifford. For those who follow the development of electric vehicles, there is an irksome lack of evidence behind the technology that has helped send Zenn's stock up 134 per cent this year. Only a handful of outside experts have been allowed to visit EEStor's Texas plant, but they have tended to leave shaking their heads at the company's refusal to explain the science.
