Al Yousuf adds to Zap buy with shares of Altair Nanotechnologies
Al Yousuf, based in the United Arab Emirates, is a large company with holdings in the automotive, computer and boat industries. Late last week, the company announced it would expand its green car tech investments by buying 8 million shares of common stock of Altair Nanotechnologies Inc. Al Yousuf now owns about 21 percent of Altair, up from 14 percent before the purchase. In May, the Al Yousuf Group bought $475,000 of Zap's convertible debt, and Al Yousuf LLC's Eqbal Al Yousuf is chairman of the board at ZAP.
It is next to impossible to figure out exactly what is coming in the future from ZAP, but almost two years ago Altair said that it was talking to ZAP about using Altair's batteries in the ZAP-X (above). Even though the ZAP-X is nowhere to be found, the new connection to Altair at least provides good hope fodder for people who want to see Altair's batteries in ZAP vehicles like the Alias (below).
Gallery: ZAP Alias Prototype
[Source: Al Yousuf LLC]
Reader Comments (Page 1 of 1)
rob 7:40PM (12/15/2008)
Has anyone been in touch with Altainano to see if they're aware of the tie-up? I mean, this IS Zap we're talking about.
"It is next to impossible to figure out exactly what is coming in the future from ZAP"
Judging by past performance, press releases.
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