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01/13/2009 09:50 AM     print story email story  

Think Saved From Bankruptcy News

Norwegian electric car maker Th!nk, has received interim financing, saving the company from bankruptcy, according to a Reuters report. The company stopped production in December due to a lack of cash.

The company, which recently began sales of its Th!nk City electric car, reportedly received a bridge loan of 40 million crowns (US$5.69 million). The majority of the funds came from Ener1 Group--the primary shareholder of battery maker Ener1 Inc. (Nasdaq: HEV).

Ener1 is the contract supplier of lithium-ion batteries for the
Th!nk City vehicle--a small two-seater.

Reuters reported that the Norwegian company as gone bankrupt twice before, most recently in 2006, but is under new ownership.

The company announced in December that it needs 100-200 million crowns to survive.

Read the full report at the link below.


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