TORONTO, ONTARIO--(Marketwired - March 26, 2015) - ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company"), today announced the findings of the independent Phase 2 testing conducted by Intertek Group plc ("Intertek") on the capacitor technology developed by 71.3% owned subsidiary, EEStor Inc. ("EEStor").
The Company is pleased to report that the recently completed testing further confirms the advanced technical characteristics of the EEStor-developed dielectric material, and increasingly demonstrates its commercial value in the large global capacitor market. With this technical validation, and recent enhancements to EEStor's manufacturing capabilities, the Company is now prepared to advance discussions with potential commercial partners towards agreements that are expected to range from licensing to manufacturing joint-ventures.
Intertek rigorously tested two multi-layer Polypropylene Injection Molded samples of EEStor's capacitor technology across multiple voltages and frequencies. Of the two samples tested, one had been dried in EEStor's recently completed environmental assembly chamber. Intertek has confirmed that significant improvements were achieved over the previously tested and reported 250vdc, six-layer injection molded part.
Key highlights and findings of the Intertek Phase Two Report include:
- A three-fold improvement in voltage performance to 750vdc
- The Tested Sample 2 (the dried sample) shows dramatic performance improvements over Sample 1 (the undried sample)
- Low Dielectric Leakage and Low Dissipation factors
The Company has achieved validated results that indicate the following:
- The low dielectric leakage is expected to allow EEStor to produce voltage smoothing capacitors for such application that require long term voltage stability
- The low dissipation factor is expected to allow more potential customers to utilize EEStor's low energy loss capacitor technology
- The low Equivalent Series Resistance (ESR) is expected to provide significant advantages in applications that require high levels of noise filtering, low noise generation from high speed signal switching, and multiple applications needing this level of filtering protection
- The multi-layer Polypropylene Injection Molded samples indicate the ability to perform at those levels necessary for high-voltage commercial viability
- Both EEStor samples were charged in milliseconds without any noted degradation of performance
- ESR reduced as the number of layers are increased by stacking
- The resistance and capacitance levels of the dried high voltage Sample 2 part indicates exceptional performance and provides for additional volumetric efficiencies over parts compromised by humidity.
Ian Clifford, Founder and CEO of ZENN and the President and CEO of EEStor stated: "The Phase 2 independent testing conducted by Intertek represents an important next-stage validation of the potential of EEStor's technology for capacitor applications and confirms internal testing results achieved by EEStor. The importance of ensuring that our high voltage multi-layer injection molded parts perform effectively is a critical juncture point for negotiations with potential capacitor industry partners. We now have the necessary independently verified data to fully engage in these partnership negotiations."
Clifford continued: "As previously announced, the Company has retained Mr. Dennis Zogbi, CEO and Founder of Paumanok Publications, to assist the Company in developing strategic relationships in the capacitor industry."
Mr. Zogbi stated: "The achievement of meaningful 750 volt multi-layer test results at Intertek provides the necessary technological foundation for me to present the EEStor opportunity to my key strategic clients."
Mr. Clifford concluded: "We look forward to hosting Dennis' clients at our facility in Cedar Park in the coming days and to the formalizing of meaningful strategic relationships with leading capacitor industry partners."
About ZENN Motor Company Inc.
ZENN's mission is to be the provider of leading edge energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. ("EEStor"). The acquisition of the controlling interest in EEStor aligns the businesses of both companies and now allows ZENN to benefit from other revenue streams that should be available to EEStor, including applications throughout the capacitor industry and not limited to high density energy storage applications.
EEStor's capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as EEStor's capacitor and energy storage technology and readers are directed to the "Risk Factors" disclosed in ZENN's most recent Annual Information Form filed on SEDAR.
Certain statements and documents referred to in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties that face the Company; such statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, and may be based on management's current assumptions and expectations related to all aspects of the automotive industry, consumer demand for zero emission transportation solutions and the global economy. Risks and uncertainties that may face the Company include, but are not restricted to: the EEStor energy storage technology may not be successfully commercialized at all, in a manner providing the features and benefits expected while under development, or on a timely basis or the Company may not be able to successfully incorporate this technology into its current or proposed products or the products of others; steps taken by the Company to protect its proprietary rights may not be adequate or third parties may infringe or misappropriate the Company's proprietary rights; the Company has a history of losses from operations and may not be able to obtain financing, if and when required or on acceptable terms due to market conditions or other factors, to fund future expenditures for general administrative activities, including sales and marketing and research and development, expansion, strategic acquisitions or investment opportunities or to respond to comp etitive pressures; competitors may develop products which offer greater benefits to consumers, have greater market appeal or are more competitively priced than those offered by the Company; the Company may be exposed to product liability claims which exceed insurance policy limits; the Company is dependent on the ability and experience of a relatively small number of key personnel; new products introduced by the Company may not be accepted in the market or to the extent projected; new laws and regulations may be enacted or existing ones may be applied or governmental action may be taken in a manner which could limit or curtail the production or sale of the Company's products; and the Company may be negatively affected by reduced consumer spending due to the uncertainty of economic and geopolitical conditions. These risks and uncertainties may cause actual results to differ from information contained in this release, when estimates and assumptions have been used to measure and report results. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.
These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by applicable laws, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Readers are cautioned not to place undue reliance on any statements of forward looking information that speak only as of the date of this release. Additional information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's most recently filed Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com.
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