Norwegian Electric Car Maker THINK Stays Alive! Receives Interim Funding
Back in December, Mike wrote about how Norwegian electric car manufacturer THINK had the rug pulled out from under them when the government wouldn't guarantee several million dollars in loans that the company hoped would pull it through a rough financial patch. Well, there's some good news to report on that front. THINK announced Monday that it had secured financing that could allow it to restart production:
$5.7 Million in Loans Secured
The Oslo-based company said that it had secured NOK 40 million ($5.7 million) in loans which will allow it to restructure, and could allow it to raise the permanent capital needed to resume production of the THINK City vehicle. According to Cleantech several lenders supplied funds, including Ener1, who supplies the lithium-ion batteries for the vehicle.
Though the THINK City was in production for two months in 2008, in the past THINK has gone bankrupt twice.
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