ZENN Stock Price Surges On Lockheed Martin Announcement

Through its investments in the Texas start-up, ZENN – which stands for zero emissions, no noise – has the exclusive rights to use Eestor's storage system in small vehicles.

Published: 11-Jan-2008

Local electric-vehicle maker ZENN Motor Co. got proof yesterday that its investment in advanced energy-storage company Eestor Inc. isn't a reckless gamble.

Shares in Toronto-based ZENN rocketed more than 22 per cent yesterday after defence contractor Lockheed Martin Co. revealed an agreement to use Eestor's product for military and homeland security applications, including sensors, weapons systems, and vehicles that require power.

Terms of the deal were not disclosed. Shares of ZENN, an early investor in Eestor, rose 82 cents to $4.48 on the TSX Venture Exchange.

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