Showing posts with label lockheed martin. Show all posts
Showing posts with label lockheed martin. Show all posts

Friday, May 29, 2009

ZENN Funds EEStor

ZENN has stepped up to the plate and funded the next tranche of funding for the EEStor ultra capacitor system. This is welcome. We as complete outsiders can never know how valid a company’s representations are, while an interested large investor is in position to get all the obvious questions satisfied. ZENN is in that position. They have a clearly declared self interest and unless we start into conspiracy theories, they will do their best to see this through properly.

That they are satisfied with progress opens the door to accepting the eminence of successful product demonstration. As posted earlier, it sounds like they can do it and their success ushers in the first truly practical electrical automobile.

It is also fitting that Lithium technology has recently picked up the pace and may soon be able to match EEStor’s advertised performance. No great breakthrough ever was unchallenged by an alternate technology that accelerated the product rollout.

So without a total briefing on the current state of research, ZENN’s action is about as good as it gets for a third party endorsement along with the additional effective endorsement of Lockheed Martin back in January. Now of these outfits want egg on their face, so you count on a solid job of due diligence.

It is an important milestone and we can expect performance demonstrations. However, never take projected delivery targets in a deal like this too seriously. Treat them as a best guess if nothing goes of track, and since any minor thing can do exactly that, it is always probable that something will cause delays. Wait until they try to get the packaging right.

So far so good. We are possibly on the way to a gasoline free future.

ZENN Motor Company Reports Second Quarter 2009 Results

TORONTO, ONTARIO -- (Marketwire) -- 05/27/09 -- ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE: ZNN) a leading developer of zero emission transportation solutions and technologies, today announced its financial results for the three and six months ended March 31, 2009. All amounts are expressed in Canadian dollars unless otherwise indicated.

For the three and six months ended March 31, 2009 gross revenues were $391,227 and $936,619, respectively (2008 - $740,748 and $1,641,172, respectively).

Net losses for the three and six month periods were $1,973,015 or $(0.05) per share and $3,759,387 or $(0.11) per share compared with net losses of $1,837,940 or $(0.06) per share and $3,515,602 or $(0.12) per share for the corresponding periods in the prior year.

At March 31, 2009 the Company had working capital of $12,373,427 including cash, cash equivalents and short-term investments totaling $10,804,427 compared to $15,068,689 and $14,686,100, respectively, at September 30, 2008.

"Revenue in the quarter reflects the general malaise of the auto industry." said Ian Clifford, CEO of the Company. "Fortunately, the Company's strong balance sheet allowed us to continue to invest and make progress in a number of key areas, such as the development of the ZENNergy(TM) drivetrain and cityZENN(TM) projects which are integral parts of the Company's strategy, especially with the planned commercialization of EEStor's energy storage technology."

"On May 21, 2009 the Company confirmed EEStor's permittivity test results which exceeded the target level stipulated in our Technology Agreement with EEStor by over 21 percent," said Clifford. "The permittivity milestone is significant for the Company as it gives us a clearer line of sight to the delivery of a production quality Electrical Energy Storage Unit (EESU) from EEStor. According to EEStor, the EESU is expected to outperform every chemical battery on the market in terms of energy density, charge time, cost, and overall performance. 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. The milestone not only triggers a payment of US$700,000 under our Technology Agreement but also the Company's investment option in EEStor and we are currently assessing the opportunity to increase our equity position to the maximum extent possible."

"We believe that the widespread interest by consumers, governments and manufacturers in environmentally friendly, sustainable and cost-effective solutions bodes well for the future of the EV industry and the role that ZMC can play," said Clifford.

Additional Information

Readers are encouraged to read the Company's unaudited consolidated financial statements for the three and six months ended March 31, 2009 and the corresponding Management's Discussion and Analysis both of which have been filed on SEDAR at
www.sedar.com and posted on the Company's website at www.ZENNcars.com.

About ZENN Motor Company Inc.

ZENN Motor Company, Toronto, Canada, is dedicated to being a global leader in zero emission transportation solutions and technologies for markets around the world. Driven by quality, ingenuity and a philosophy of social responsibility, the ZMC team is redefining what is possible in both urban and business fleet transportation.

The ZENN(TM) (Zero Emission No Noise) provides an excellent alternative transportation solution for environmentally conscious drivers who want to dramatically reduce their operating costs and free themselves from dependence on oil. The current ZENN low speed vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, and parks and is sold through a network of retailers across the United States and directly by the Company in Quebec.

The planned commercialization and implementation of the ultra capacitor being developed by ZENN Motor Company's strategic partner EEStor, Inc., is expected to enable future ZMC vehicles and ZENNergy(TM) drivetrain powered vehicles to travel at speeds and distances similar to internal combustion powered vehicles but at a fraction of the cost and with zero emissions!

Thursday, December 4, 2008

EEStor Ultra Capacitors

The buzz on this particular battery technology is high and is been led by the Zenn electric car promoters who are also providing cash. The details are in the Wikipedia article.

That they are finding slippage on goal posts is hardly a surprise. That anyone makes an issue of it is tiresome. And the creation of proprietary knowledge does tend to drive an over compensation on secrecy.

I seriously wish these folks would pack it in until they are invited to do a walk through in a defense factory and experience real security.

What matters is that these folks have caused something to happen at the lab level and they are now working on perfecting a manufacturing process.

The ultra capacitor battery is important and the apparent energy density is very competitive. It certainly explains Zenn’s involvement who know that it is no big trick to generate a light electric car or as I prefer to call them ‘autocarts’

Even today, the autocart has a very clear niche that we may be forced to mandate and establish in a hurry. It is going to be easier to produce fresh grid power quickly than produce new oil production in a hurry. And an ultra capacitor is a good start for automotive storage. It is naturally mobile although I cannot comment yet on weight. What is described is certainly superior to any known technology that I have seen.

One can appreciate Nanosolar’s silence until they had their tool up and running when you see the flak these guys are flying through.

The point is that they have made a big claim, have filed patents and attempting to convert their know how into a working production line. They can fail technically or for lack of money. They are progressing at what looks like a normal pace.

And recall that funding sources always ask for time lines that are unrealistic however well staffed you are as you leave the gate. In the end they accept visible progress.

http://en.wikipedia.org/wiki/EEStor

EEStor's Weir on ultracapacitor milestone

The stealthy energy storage developer's product is real and will meet specs, claimed passionate CEO Richard Weir in an exclusive interview.

Cedar Park, Texas-based ultracapacitor developer
EEStor could be a step closer to shipping its first product, announcing the certification of production milestones and the enhancement of its chemical purification processes.

The secretive startup has made bold claims for the performance of its upcoming solid-state electrical energy storage unit, yet the company has some significant partners backing its claims, including Toronto-based electric vehicle maker
Zenn Motor (TSX: ZNN), Silicon Valley's Kleiner Perkins Caufield & Byers, and Bethesda, Md.-based Lockheed Martin (NYSE: LMT), the world's No. 1 defense contractor.

Richard Weir, president and CEO of EEStor, told the Cleantech Group his company's certification announcement is significant.

"It certainly allows us to meet present specifications and major advances in energy storage in the future," he said. "It'll meet the voltage, we say that, it'll meet the polarization, saturation, we say that."
EEStor is developing an ultracapacitor which it said will be longer lasting, lighter, more powerful, and more environmentally friendly than current battery technologies.

Texas Research International, acting as an independent laboratory, certified the level of crystallization in EEStor's composition modified barium titanate, or CMBT, powders at an average of 99.92 percent. EEStor said this puts it on the path toward meeting its goals for energy storage.

The company expects its ceramic ultracapacitor, which it said uses no hazardous materials, to have a charging time of 3 to 6 minutes, with a discharge rate of only 0.02 percent over 30 days. EEStor said that compares to more than 3 hours to charge a lithium-ion battery and a discharge rate of 1 percent over 30 days.

"It's all certified," said Weir. "No bullshit in this."

EEStor's milestone comes on the same day that San Diego-based competitor
Maxwell Technologies (Nasdaq: MXWL) announced a supply deal (see Golden Dragon Bus to use Maxwell ultracapacitors).

Maxwell shipped its Boostcap ultracapacitors to Xiamen, China's Golden Dragon Bus for use in diesel-electric hybrid buses in Hangzhou.

EEStor said the enhancement of its chemical purification processes is one of its most critical technical milestones, but EEStor has yet to release the results of permittivity testing, which will trigger the next milestone payment from Zenn. The automaker said permittivity is a measurement of how much energy can be stored in a material.

In a statement today, Zenn CEO Ian Clifford said the news "bodes well for EEStor's completion of its third party verified permittivity milestone and is a very strong affirmation of our investment in and the rapid progress of our business plan."

Zenn currently makes low-speed electric vehicles, shipping its first production vehicles in October 2006, but plans to roll out a highway-speed vehicle powered by EEStor's technology in the fall of 2009 (see
Zenn gearing up for EEStor-powered car).

Zenn has already made three milestone payments to EEStor totaling $1.3 million. Another $700,000 is payable after the permittivity testing, with a final $500,000 due when EEStor ships its ultracapacitors.

Separately, Zenn also holds 3.8 percent of EEStor after investing $2.5 million in the ultracapacitor company in April 2007. After EEStor's permittivity milestone, Zenn has the option to boost its investment to a range of 6.2 to 10.5 percent.

In 2005, Kleiner Perkins invested a reported $3 million in EEStor. The percentage of Kleiner's stake has not been revealed.

"We were invested in to put in a high-volume production line. I think this says we've made some very major strides to completing that," said Weir.

"The plant is going in right now in Cedar Park as we speak. And then we'll, of course, we'll always expand from there."

Lockheed Martin announced its contract with EEStor in January, saying that it plans use the ultracapacitors for military and homeland security applications (see
Lockheed Martin to use EEStor's ultracapacitors). The defense contractor did not release the financial terms of the deal.

Weir wouldn't disclose if EEStor is working with any other companies, saying only, "Once contracts are signed, I'm sure we'll have a news release on them."

EEStor's ultracapacitors were previously set to come out in 2007, but Zenn has since said that EEStor has committed to commercialization in 2008, with EEStor's first production line to be used to supply Zenn.

When asked for an update on that schedule, Weir said, "Good things should happen in a reasonable period of time."