ZENN Motor Company
has paid $2.5 million for a 3.8 percent equity stake in ultra capacitor developer EEStor. The deal means that ZENN gets an exclusive deal for EEStor's batteries for small and medium sized vehicles. EEStor is going to use the money to fund the next stage of testing of their capacitors by an independent third party lab. If the capacitors meet the requirements laid out in the equity agreement, then ZENN will have the option to invest another $5 million dollars under the same terms as the initial investment.
[Source: ZENN Motor Company]