Norwegian Electric Car Maker Think Raises $40 Million to Bring Its EVs to U.S.
Photo: Public domain.
Think Global (aka THINK, TH!NK, Th!nk, etc) has just completed a $40 million equity increase to invest into product R&D; and expansion into North-America. The Norwegian company expects to become cash-flow positive in 2011. That's good news, because the last time we wrote about THINK, they were on the verge of bankruptcy and even stopped production for a while (it restarted at the end of 2009). What will the future hold for the maker of the Th!nk City EV?The equity round went very well, which is a good sign; all of THINK's major shareholders took part, and the round was oversubscribed.
The investment round was co-led by RockPort Capital Partners, an investment fund co-located in Boston and Menlo Park, Calif., specializing in energy and clean technology, and Ener1 Inc., the parent company of advanced battery manufacturer EnerDel. Rockport Capital and Ener1 each increased its investment in THINK by $12.5 million. (source: THINK)
Ener1, a lithium-ion battery maker, now owns 31% of THINK.
THINK EVs should start appearing in the U.S. in the 4th quarter of 2010. At first they will be built Finland by Valmet (who also assembles the Fisker Karma), and later in 2011 production should move to Indiana. What will matter most is the reception of the THINK City in the US, and how fast the company can develop new products that have a bigger mass-market appeal (ie. electric cars that are a bit more conventional in shape and size, something that matters especially in the US).
I wish them the best of luck!
Via Think Global
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