Canadian electric car company Zenn Motor Co (ZNN.V)) announced that it has confirmed test results for batteries made by its U.S. partner EEStor Inc.
Zenn Motor now plans to increase its stake in EEStor to as much as 10.5% from the about 3.8%. Zenn said it will invest between $2 million and $5 million in the Texas-based company.
Toronto-based Zenn, which makes low-speed electric vehicles, has based its plans to produce a highway-capable electric vehicle on EEStor’s battery system.
Zenn tested the permittivity levels for its Composition Modified Barium Titanate powders (CMBT), the main material in EEStor’s ultracapacitor energy storage technology.
Energy storage is directly proportional to permittivity, so by having attained a permittivity level that is at least 21% higher than the target stated within the Technology Agreement, even higher energy density is possible, Zenn said.
Zenn said it expects the battery to outperform every chemical battery on the market for energy density, charge time, cost, and performance.
Zenn also has exclusive rights to the battery system in vehicles under 1,400 kg (3,086 lbs).
Zenn has already paid EEStor $1.3 million of a $2.5 million commitment. The latest test results will trigger an additional $700,000 investment.
"Our engineering team has been working hard in preparation for the integration of EEStor’s technology into our planned range of electric vehicle offerings," said Zenn vice-president of engineering Michael Bergeron in a statement.
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