Monday, August 12, 2013

EEStor Investor KPCB Sells Stake To Zenn Motors

Cedar Park-based energy storage developer EEStor said this morning that Zenn Motor Company has purchased a stake in the company from its investor, Kleiner Perkins Caufield & Byers. EEStor called the deal a "positive response". According to Zenn Motors, it has agreed to purchase 502,344 shares of Series A preferred stock from KPCB, for $2.0M in cash plus 3.0 million shares of ZENN common stock. EEStor called the move a "an opportunity for both companies moving forward." EEStor is developing capacitor technology being aimed at high density energy storage. ZENN, a developer of zero-emissions vehicles, is one of the company's main potential clients.