FORM 5 - 1999 William F. Griffin
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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
_X_ Check here if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
See Instruction 1(b)
___ Form 3 Holdings Reported
___ Form 4 Transactions Reported
1. Name and Address of Reporting Person:
WILLIAM F. GRIFFIN
10938 Blue Roan Road
Oakton, VA 22124
2. Issuer Name and Ticket or Trading Symbol
ELECTROSOURCE, INC. ELSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
Year end 1999
5. If Amendment, Date of Original (Month/Year)
N/A
6. Relationship of Reporting Person to Issuer (Mark all applicable)
Yes ___ No ___ Director
Yes ___ No ___ 10% Owner
Yes ___ No ___ Officer (give title below)
Yes _X_ No ___ Other (specify below)
Former CEO/President, no longer an officer; employee only
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)
N/A
3. Transaction Code (Instruction 8)
N/A
4. Securities Acquired (A) or Disposed of (D) (Instructions 3,
4 and 5):
A. Amount: 0
B. Acquired (A)___ Disposed of (D)____
C: Price:
5. Amount of Securities Beneficially Owned at End of Issuer's
Fiscal Year (Instructions 3 and 4):
8,719
6. Ownership Form: Direct (D) or Indirect (I) (Instruction 4)
Direct
7. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
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)
(1) Employee Stock Options
(2) Warrants
2. Conversion or Exercise Price of Derivative Security
(1) $1.75 per share
(2) $2.563 per share
3. Transaction Date (Month/Day/Year)
(1) February 3, 1999
4. Transaction Code (Instruction 8)
(1) A - Grant of Stock Options
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instructions 3, 4 and 5):
A. Acquired (A): 65,000 shares
B. Disposed of (D): 0
6. Date of Exercisable and Expiration Date (Month/Day/Year)
A. Date Exercisable (1) 1/3 as of 8/3/99, 8/3/00, and 8/3/01
B. Expiration Date (1) February 3, 2009
7. Title and Amount of Underlying Securities (Instructions 3 and 4)
A. Title (1) & (2) Electrosource Inc., Common Stock, par value $1.00
B. Amount or Number of Shares (1) 65,000
(2) 50,000
8. Price of Derivative Security (Instruction 5)
(1) These derivative securities were issued pursuant to the 1996
Stock Option Plan at no cost to the recipient
9. Number of Derivative Securities Beneficially Owned at End of
Year (Instruction 4)
(1) 117,500 Options to purchase Common Stock
(2) 50,000 Warrants to purchase Common Stock
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instruction 4):
(1) and (2) Direct
11. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
Explanation of Responses:
None
/s/
William F. Griffin
Date: January 12, 2000
