Norwegian Electric Car Maker THINK Stays Alive! Receives Interim Funding
by Matthew McDermott, New York, NY 
on 01.14.09
photo: THINK
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.
via: Cleantech
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Th!nk's problems began about the time they announced that the battery pack would be leased, not sold with the car. That is a deal-breaker for me. I don't mind paying $17,000 for the car, but I'm not going to pay a monthly battery fee on top of that. I'll buy the car and battery, or lease the car and battery, but not both.