Canada-based Zenn Motor Co, which used to make and sell lead-acid battery-powered electric vehicles, has reached an agreement to buy a majority stake in Texan energy storage company EEStor.
Zenn will buy a 51% share of EEStor, agreeing to make staged cash payments totaling US$1m. As part of the agreement, EEStor’s CEO and CFO will step down.
EEStor claims to have developed a supercapacitor for electricity storage, ‘Electrical Energy Storage Unit’ (EESU), which stores more energy than lithium-ion batteries at a lower cost than lead-acid batteries. Key to the increased energy density of the device is not improved charge density, but dramatically higher operating voltages.
Last May, Zenn announced that it was increasing its stake in EEStor. The latter, on the other hand, said that a product testing had revealed that EEStor’s energy storage systems are still not ready for commercial marketing.
