The Company recently participated as a minority investor in an equity financing completed by EEStor, Inc. While the Company's investment was small, the investment was part of a financing that provided EEStor with additional working capital to further the development of its power storage technology. Importantly, as part of the investment the Company was able to review certain aspects of the technology and obtain a covenant from EEStor regarding a timeline for near term public disclosure of the status of its technological development certified by an independent third party.Of course, the obvious thing to say at this point is no freaking way. Not again. Not another prediction of something happening soonish. Statements about timing are dead to me. They have been for at least 2 years. Everyone who has ever succumbed to thinking maybe it's going to happen this time has always been burned. Still, it is hard not to be a tiny bit hopefull if only because Jim Kofman is now on board.
But wait a second. Why does EEStor need this financing? If they produce the holy grail of energy storage, we've been assured so many times money will rain down on them like Noah's Flood. So, I will reserve judgement at this point.
The prediction that EEStor is out of cash seems to have come true. But will we ever get to the finish line?
What do you think?
We can now look forward to tomorrow's AGM...if it can add any flesh to this news.
If you have been under a rock, you may not realize, we're all over at http://TheEEStory.ning.com now.