FORM 4
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange
Act of 1934, Section 17(a) of the Public Utility Holding Company
Act of 1935 or Section 30(f) of the Investment Company Act of
1940
_____ Check here if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
See Instructions l(b).
1. Name and Address of Reporting Person:
MICHAEL G. SEMMENS
342 St. Stephens School Road
Austin TX 78746-3101
2. Issuer Name and Ticker or Trading Symbol
ELECTROSOURCE, INC., ELSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for (Month/Year)
January 1997
5. If Amendment, Date of Original (Month/Year)
N/A
6. Relationship of Reporting Person to Issuer (Mark all applicable)
Yes X No ___ Director
Yes ___ No ___ 10% Owner
Yes X No ___ Officer (give title below)
Yes ___ No ___ Other (specify below)
Chairman of the Board, President, Chief Executive Officer
TABLE I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instruction 3):
Common Stock, $1.00 par value
2. Transaction Date (Month/Day/Year):
1/17/1997
3. Transaction Code (Instruction 8):
A. Code: P
B. V: V
4. Securities Acquired (A) or Disposed of (D) (Instructions 3, 4 and 5):
A. Amount: 19,048
B. Acquired (A) X Disposed of (D)____
C: Price: $6.5625 per share
5. Amount of Securities Beneficially Owned at End of Month
(Instructions 3 and 4):
(1) 21,115
(2) 40
6. Ownership Form Direct (D) or Indirect (I) (Instructions 3 and 4):
(1) Direct
(2) Indirect
7. Nature of Indirect Beneficial Ownership (Instruction 4):
(2) Owned by spouse as custodian for children
TABLE II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instruction 3):
The Warrants
2. Conversion or Exercise Price of Derivative Security:
$7.56
3. Transaction Date (Month/Day/Year):
1/17/1997
4. Transaction Code (Instruction 8):
A. Code: P
B. V V
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instructions 3, 4 and 5):
A. Acquired (A): 125,000
B. Disposed of (D): None
6. Date of Exercisable and Expiration Date (Month/Day/Year):
A. Date Exercisable: Upon request of holder
B. Expiration Date: 1/17/1999
7. Title and Amount of Underlying Securities (Instructions 3 and 4):
A. Title: Common Stock, $1.00 par value
B. Amount or Number of Shares 125,000
8. Price of Derivative Security (Instruction 5):
The Warrants to purchase Common Stock were granted with no
additional cost in combination with the participation in a
private placement on the basis of one Warrant for each
dollar invested in the purchase of Common Stock.
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instruction 4):
200,834
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instruction 4):
Direct
11. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
Explanation of Responses:
None
/s/
Michael G. Semmens
Date: January 27, 1997
