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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."
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David, I'm trying to figure
Submitted on July 30th, 2008 by Franklin (not verified)David, I'm trying to figure out why, when you had Weir's ear, you didn't ask him the penultimate question, the only one that matters, really, given the hype and EEStor's undecipherable actions and statements hitherto:
"Is there a working prototype of any kind?"
you must have facts wrong about zenn payments
Submitted on July 31st, 2008 by Unregistered user (not verified)David,
Your report is in direct contradiction with Zenn's Dec 06 Financial statement.
According to Zenn's annual information form on dec 18, 2006, Zenn has made two milestone payments totaling $750,000 and the third milestone is supposed to be awarded after 3rd party testing of permittivity... the third payment listed by Zenn is for $1,250,000 and the 4th is supposed to be for $500,000 once a commercial esu is delivered, for a total of $2.5 million.
See http://www.zenncars.com/media/documents/Annual_Information_Form_Dec_18_2006.pdf
So your reporting above appears to be not accurate. How is this possible:
"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."
???
What was the third milestone you made reference to?
A response would be appreciated.
Third milestone payment
Submitted on August 4th, 2008 by David EhrlichThe third milestone payment came after Zenn's December financial statement.
From Zenn Motor:
$100,000 initial investment made in October 2005
$650,000 upon financing made in January 2006
$550,000 investment based on EEStor reaching the purity testing/production capacity milestone made in February 2007.
The info is on the Zenn Motor website. Click on "learn" then "company" then "EEStor."
EESTOR has competition
Submitted on August 2nd, 2008 by Unregistered user (not verified)EESTOR has a number of serious competitors.
One is at http://www.1-ltl.com/renewable%20energy.htm
But others are japanese super caps now reaching battery level energy density of >20 watt hours per liter
Conversations with Mr. Weir
Submitted on August 15th, 2008 by eTech (not verified)I have spoken with Dick Weir on the phone three times representing potential investors in his technology. Each time I spoke with him, he changed his story regarding what level he has reached technologically, and what price he would like to purchase an exclusivity agreement for 2 wheeled transportation (motorcycles).
He was very unprofessional, with constant cursing and when asked about a prototype he hemmed and hawed saying that his agreement with Zenn will not allow him to show the prototype to anyone. Our lawyers say there is no way Zenn's agreement with Mr. Weir would prohibit him from showing the prototype ultracapacitor to other parties interested in exclusivity agreements which do not infringe on Zenn's exclusivity agreement. Zenn's agreement according to Weir is only on four wheeled transportation up to 40 horsepower.
Our lawyers concluded that we are looking at a SCAM.
ZENN &WEIR AUTOMATIC CHARGER
Submitted on August 27th, 2008 by Unregistered user (not verified)With Weir's Batteries on the Zenn autos they dont need to be re-charged after 400 miles most likely by using a specially designed device installed on the car .
These devises are being manufactured now and would need little tooling to fit them on the Zenn autos . Once fitted -the car run forever without bother of stopping to charge the batteries .
Is that really possible? Where did you get your source?
Submitted on September 14th, 2008 by Jeremy (not verified)Hey, is that really true? Is there such a device that would make the car run forever? Could you give me your source because this is quite unbelievable.
yah
Submitted on October 7th, 2008 by Unregistered user (not verified)There is such a device its called a solar panel so long as the sun is shining you will go forever, you just have to be happy with 1/4 mph.
Dielectric data has been
Submitted on September 2nd, 2008 by Unregistered user (not verified)Dielectric data has been available for single crystals of pure barium titanate since the 1960's, when the material was being investigated by real scientists. The single crystal data certainly does not justify any of the claims being made by eestor. Someone so erratic and profane is likely spending the investors' money on crystals of something else. It's hard to believe that so many can be fooled by a junkie.
scientists and vanity
Submitted on September 6th, 2008 by Dick Anderson (not verified)I, too, would like to see a working model, but I can also understand why they don't want to show anything to anyone. The principle involved is so simple that, if Eestor has found, say, the filtering/application device which will encourage the chemical reaction to occur fluidly, rather than instantaneously discharging, then it can be repeated in many, patentable ways, losing them the intellectual advance needed for profit.
Dick Anderson, Ed.
SwampfoxNews.com
Applications
Submitted on September 6th, 2008 by Marvin Geer (not verified)Would like information about the EESTOR capacitor battery in electric boat environment, specifically sailboats from 30 to 50 feet. Who would be elgible for contact on such information?
Have you gone public yet? If
Submitted on September 9th, 2008 by Jess Kincer (not verified)Have you gone public yet?
If so, what's the symbol?
If not, are you going public soon?
What a crock!
Submitted on September 16th, 2008 by Unregistered user (not verified)Okay small capacitors with huge charge densities are supposed to replace batteries.
The scam is that NO working capacitors are available for show. No agreement of any kind would prevent a "black box" demonstration of one of these eestor marvels...
If you want to believe crooks there are a few cold fusion companies out there.
Cold Fusion
Submitted on October 7th, 2008 by Bindlepete (not verified)OK Dummy take a look at what the Naval Research Labs have been doing. Do some reading.
Normally, new technologies
Submitted on September 22nd, 2008 by Dr. Edward Kimble (not verified)Normally, new technologies like this would have a good chance to grow despite numerous financial setbacks and bankrupcies, examples include vulcanization and typesetting. And this technology is so vital to the green revolution that only a boneheaded fool would stand in the way, however, a bigger issue here is whether Eestor can survive the Darpa stealth cloud of death. This technology was originally an SBIR request via Darpa for satellite and weapons power.
Like Tamarack Systems that tried to market holographic data storage, this group too could be black bagged forever!! I was talking to a navy expert on holographic computers. So much of the old Soviet Union technology was labelled top secret that you could find yourself in prison for life for just building an optical flip-flop or a hydrogen flouride laser. What we need is a president with enough wisdom to start lifting the cloak on these technologies. The funniest example (ha ha)is the 50 million dollars payment from ITT to the government for "accidentally" releasing second and third generation night vision technology to China. Before the stealth boys stepped in, my students were working with ITT labs to build and improve their own second and third generation scopes. None of this technology was invisible to simple scope dissection!! But...
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