EEStor Corporation Receives SGS Performance Report from FGW Ltd.
TORONTO, Dec. 02, 2019 (GLOBE NEWSWIRE) — EEStor Corporation (TSX.V: “ESU-V”) (“EEStor” or the “Corporation”), is pleased to announce it has received a positive performance report from FWG Ltd. (“FWG”) related to their doped-carbon battery technology. The report was prepared by SGS-CSTC, and involved testing on five single cell devices at their electrical safety laboratory in Shenzhen. The tests demonstrate energy density of the devices as being an average of 53.31 watt hours per kilogram (wh/kg).
Ian Clifford, Founder and CEO of EEStor stated: “We are very pleased to receive this initial validation report from FWG as part of our ongoing due diligence. As I previously stated, at 50 wh/kg of energy density, the replacement of the ubiquitous Group 27 lead acid battery with a carbon-based battery that matches or surpasses the storage, operational and economic performance of lead acid without any of the catastrophic environmental implications is within sight and is our major and immediate focus.”Clifford continued: “Further independent third-party certification of full-scale devices is planned with both Intertek Inc. and the National Physical Laboratory of Great Britain to ensure that the performance characteristics of the technology are fully validated and disclosed. Additionally, SGS will continue as an independent third-party certification partner.”Clifford concluded: “Our current private placement has targeted a significant financial commitment to completing these vital third-party certifications. We understand the critical nature of independent confirmation and validation of everything that we do.”A complete copy of the report is available at: http://ml.globenewswire.com/Resource/Download/4d7cd6cf-61d8-47b8-9462-5fde2fe321b8About EEStorEEStor is a developer of high energy density solid-state capacitor technology utilizing the Corporation’s patented Composition Modified Barium Titanate (CMBT) material. The Corporation is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.About FWGFWG is involved in research and development and commercial activities related to capacitor, battery and hybrid electrical energy storage devices including carbon and graphene-based technologies.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About EEStor” paragraph which essentially describes the Corporation’s outlook and objectives, constitute ”forward-looking information” or ”forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. FOR FURTHER INFORMATION, PLEASE CONTACT:Mr. Ian Clifford
Chief Executive Officer