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ZENN Motor Company Makes Equity Investment in EEStor

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  • Remy Chevalier
    http://www.greencarcongress.com/2007/04/zenn_motor_comp.html ZENN Motor Company Makes Equity Investment in EEStor 30 April 2007 Feel Good Cars Corporation,
    Message 1 of 1 , May 3, 2007
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      http://www.greencarcongress.com/2007/04/zenn_motor_comp.html

      ZENN Motor Company Makes Equity Investment in EEStor
      30 April 2007

      Feel Good Cars Corporation, operating as ZENN Motor Company, has made a
      US$2.5 million equity investment in Austin-based energy storage developer,
      EEStor. The negotiated investment terms also grant ZENN an additional
      investment option of up to US $5 million on the same terms, following EEStor's
      successful completion of its next major milestone: permittivity testing.

      EEStor is developing a new high-power-density ceramic ultracapacitor (the
      Energy Storage Unit-EESU). EEstor has publicly claimed a permittivity
      figure-a measurement of the ability of a material to store an electric
      charge-of 18,500 or more. The required permittivity levels are specified in
      detail in the existing Technology Agreement between ZENN Motor Company and
      EEStor.

      We are very pleased to strengthen and deepen our strategic relationship with
      EEStor through this investment. Becoming a shareholder in EEStor at this
      pivotal point in their development represents an exciting opportunity for
      ZENN shareholders to benefit from participation in the broader market
      applications that EEStor will potentially develop for its technology, in
      addition to our exclusive automotive applications.

      -Ian Clifford, CEO of ZENN Motor Company

      Following this initial investment of US$2.5 million, ZENN Motor Company will
      own approximately 3.8% of the equity of EEStor.

      Under its Technology Agreement with EEStor, ZENN holds certain worldwide
      exclusive licenses for EEStor's storage units for new small and medium-sized
      low-speed and highway-capable vehicles (up to 1,400 kg curb weight). ZENN
      also holds worldwide exclusive rights for EEStor units for the conversion of
      any used internal combustion passenger vehicle to electric drive.

      ZENN Motor Company currently produces and sells the ZENN, a fully-electric
      low speed vehicle (LSV). The potential commercialization of EEStor's EESU in
      future ZENN vehicles will allow them to go as far and as fast as a
      traditional car at a fraction of the cost, according to the company.
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