Updated: Energy storage company EEStor put out a press release on Tuesday saying it’s still around and making progress on its technology. For years EEStor has been promising to commercialize a supercapacitor that can provide 10 times the energy of lead-acid batteries at one-tenth the weight and half the price, but has missed all of its deadlines, so take this release with a grain of salt.
EEStor says it has been working on a 20 micron thick layer that makes up its supercapacitor and has made progress with increasing the reliability of the manufacturing process. But EEStor says it hasn’t yet reached a “level of permittivity necessary for commercial production,” of those layers. EEStor says if it improves the permittivity layer then it will look to get the performance of its device independently tested. Read all of the technical description here.
Zenn Motor, an electric car company with deep partnerships with EEStor, recently raised about $250,000, and is looking to raise another $400,000. I’m wondering if these funds are helping fund EEStor’s continued research. Update: Zenn Motor says these funds filed in the SEC document are just from a U.S. investors, and that the $400,000 is for an option. The company also says it has raised a total of $1.9 million in a private placement.
Clean Break’s Tyler Hamilton says that Zenn’s chairman and chief executive James Kofman is a well respected investment banker in Toronto, and isn’t being paid in cash for the job, only options. Hamilton quotes Kofman recently as saying:
“There is a very good dialogue between the companies, and regular rapport on many fronts… The recent announcement has demonstrated we really are in a good position with them, much better than we were a year ago. What everyone is looking for is real transparency and real disclosure. The announcement we made puts us finally on a path where we have a clear methodology for getting better public disclosure.”
What do you think? BS or interesting progress?