Tesla Motors co-founder Martin Eberhard is not going to the auto junkyard.

Eberhard is working on a new project in the automotive market, he told me near the bagel table at the Almaden Institute, a two-day conference on batteries and energy storage taking place at IBM's Almaden laboratory.

He wouldn't say what it was – his partners have asked him to remain quiet. He corrected me when I called it a company and said it was a project.

Vague, yes, but Eberhard played an instrumental role in reviving electric cars, so whatever he does in this space is noteworthy.