Friday, May 22, 2009

EEstor Earns $700K Payment for Meeting Milestone

Texas-based alternative energy firm EEstor Inc. has received a $700,000 milestone payment from ZENN Motor Co. Inc., a Toronto-based manufacturer of zero-emission vehicles, ZENN announced Thursday. Headquartered in the Austin suburb of Cedar Park, secretive EEstor claims to have developed a battery powerful enough to propel a small car some 300 miles. ZENN explained that the payment comes as the result of EEstor satisfying a key milestone set forth in a technology agreement between the two companies. Specifically, ZENN said EEstor exceeded the permittivity requirements for a critical component of EEstor's in-development ultracapacitor, which EEstor calls an electrical energy storage unit. ZENN noted that it contracted with two independent testing firms, both of which supported EEstor's results.