The Bariumtitanate.blogspot, which is a close observer of the EEStory as they’re calling it over there, found a bit of news on the EEStor saga.

Zenn, the motorcar company that took off thinking that the EEStor ultra capacitor was coming soon survives with essentially nothing for sale of note.  But the capital base has a few blocks left, enough to keep a board and officers chasing after the original dream. If EEstor gets to market anywhere close to the performance that’s been suggested, the Zenn firm will make out handsomely.  So they’re still in the hunt.

The interim Zenn CEO Jim Kofman, a lawyer by trade, attended the Zenn general meeting Tuesday March 27th, 2012 and explained Zenn’s position.

To start Kofman offered that EEStor would be making a public showing of their technology “before summer” due to a recently struck non-dilutive investment agreement between Zenn and EEStor.  The quote by Kofman being used states the agreement, “actually has very specific dates in it. And I guess all I’ll say to you is we’re expecting this before the summer if not well before that time.”

Where this becomes significant is the Zenn release of First Quarter 2012 Operating Results.  This document summarizes the financial activities reported to the shareholders.  This kind of thing is going to be very factual, brief and on point.  To quote the report it says, “The Company recently participated as a minority investor in an equity financing completed by EEStor . . . the Company was able to review certain aspects of the technology and obtain a covenant from EEStor regarding a timeline for near term public disclosure of the status of its technological development certified by an independent third party.”

Things pop out: EEStor is at work, it can raise money, it needs more working capital, the technology has properties that can be inspected, a disclosure timeline has been agreed to, and some form of independent third party certification could be forthcoming.

Now keep in mind, these are covenants in an agreement that can be: not met, renegotiated, cancelled, met, exceeded and so forth.

Bariumtitanate.blogspot quotes Kofman discussing the third party, “They know a lot about the space. We’ve been very careful choosing a firm that is extremely well known in the space.  Knows what they’re doing. Has been looking at this technology for a long time. And was able to be of significant assistance to us and also will be in the future.  But they are a firm that would be very well known to people who know the space. Very reputable and very independent. And were able to be responsive. Who knows a lot about the space.  Firm that is extremely well known in the space. Has been looking at this technology for a long time.”

In a bit of reassurance or perhaps optimism Kofman also notes on the EEStor public technology showing, “it’s coming and it’s very specific on what needs to be disclosed.  So we’re excited and we think that’s probably the most positive development you could look for.”

It is a bit of news.  In reality, outside of the investors in EEStor, no one has a ‘right’ to know what’s going on at EEStor.  The actual milestone is that EEStor has finally let an investor and license holder have enough intellectual property concession to stay afloat and engaged.

So far EEStor has raised funds, done its basic research, produced enough quality lab specimens to impress investors, and kept the lid on.  If one were to speculate on the progress, it seems with the public information, patents in particular, that they have the technology in the lab.  Most likely the tech poses considerable problems getting to prototype and commercial scale.  Perhaps they’ll get there, perhaps not.

The story it seems is more about the watchers than the watched.  We have no firm conclusions about the performance of the EEStor technology.  As much as we’d like to celebrate and congratulate and others would like to disparage and denigrate, EEStor is pressing on.

So we’ll wish the EEStor group good luck and God’s speed and the Zenn folks a good safe harbor and firmament of their capital base.  What ever happens this year, if anything does, it seems the EEStory will go on.


4 Comments so far

  1. Jim Takchess on March 29, 2012 10:58 AM

    caveat emptor regarding Zenn Stock… We’ve slipped every date to this point.

  2. roseland67 on March 29, 2012 11:24 AM

    just don’t “emptor” and you’ll be fine

  3. Benjamin Cole on March 29, 2012 5:26 PM

    This is a good blog, but you seem to be koo-koo when it comes to EEstor or Rossi, or some other cranks running around.

    It works like this: A sector of the economy gets hot. Investors want into that sector. So some smart guys, but also some crooks oblige them.

  4. ciceroji on April 29, 2012 11:07 AM

    It works like this: A sector of the economy gets hot. Investors want into that sector. So some smart guys, but also some crooks oblige them.

    Hey that sounds alot like the tech bubble. But don’t forget google, amazon, and paypal came out the tech bubble. You don’t throw the baby out with the bathwater.

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