January 2007: "EEStor, Inc. remains on track to begin shipping production 15 kilowatt-hour Electrical Energy Storage Units (EESU) to ZENN Motor Company in 2007 for use in their electric vehicles."
2007 January: 32 employees
2007 February: Zenn receives $10 million in funding.
2007 April: Zenn gives $2.5 million to EEStor.
2007 Sept 7: Weir tells CNET news production will begin middle of 2008.
160 LSVs sold in fiscal 2007
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2008 January: 38 employees
2008 January: LM and EEStor announce an agreement. After lots of digging, it was discovered "no money changed hands".
2008 March: Zenn announces late 2009 EESU-car launch
2008 May: Zenn receives $15 million in funding.
2008 July: Weir tells CleanTech: "No bullshit in this."
247 LSVs sold in 2008. The parts cost $15,000, they were sold for $15,000, and Zenn spent $50,000 in salaries, utlities/rent, marketing, etc for each of them.
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2009 January: 42 employees
2009 May: Permittivity announced. Zenn plans to expand production into another LSV and EESU-car.
2009 June: Zenn begins seeking additional $9 million investment. No press release.
2009 June (?): Investor conference call with Weir. Production is still on schedule for end of 2009, but he does not guarantee it.
July 2, 2009: Zenn gives $5 million more to EEStor, out of its $8.5 million cash. This was max investment allowed, which indicated (from Zenn statements) that no other major investor added to their EEStor position.
July 14, 2009: Zenn receives $9 million in funding, mentioned at the bottom of 3rd quarter report. No press release. Shareholder value is diluted 7% by the offering.
August 13, 2009: Concerning coming production of LSV and EESU-car: "...there has been substantial progress and management is confident of a positive outcome..."
Sept 24, 2009: (42 days later) EESU-car canceled
Dec 7, 2009: LSV canceled.
About 80 LSVs sold in fiscal 2009, at a loss of $50,000 each.
Zenn had about $14.6 million in current assets and was losing $1M in current assests per month. This was 5 months ago. This indicates serious changes need to occur if they are going to survive 9 months.
2010 is nearly here and there is no public evidence that EEStor has the energy density required.
Last edited Fri, 02 Apr 2010, 1:44pm by zawy
"Nobody is going to compete with us." - Richard Weir, EEStor, 2009
