While Zenn Motor came to the end of its life as an electric car manufacturer a good four months ago, there’s still no official word on progress from Zenn’s endlessly-controversial partner — on which it bet the farm — EEStor. In fact in Zenn Motor’s gloomy third quarter earnings reported on Monday Zenn even seems to distance itself from EEStor, as Tyler Hamilton points out, naming EEStor as one of the third party technology options it is pursuing and even notes the possibility for “non-EEStor” technology from Zenn down the road.
As we noted last year Zenn had placed its entire fortunes on the promises of EEStor, and basically trimmed away any part of the company not based on the EEStor technology over the past 10 to 12 months. Zenn CEO Ian Clifford told Hamilton back in October that “the entire aspect of our business model is dependent on EEStor commercializing that technology. . . The transformative moment is with the commercial proof, and then the whole tenor of the discussion changes to the excitement about the reality.”
That commercial proof doesn’t seem to be coming (at least any time soon) and Zenn seems to be suggesting that it can also build a business off of other third party technology. That appears to be a new development from Zenn.
The proof is in the financial pudding. For the third quarter ended June 30, 2010, Zenn lost 1.09 million CAN ($1.03 million) and for the nine months ended June 30, 2010, Zenn lost CAN 3.24 million ($3.07 million). Zenn’s Chief Financial Officer, Lawrence Schreiner, resigned in May.
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