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05/11/2010 10:36 AM     print story email story  

Think Raises $40M; US Launch Later This Year News

Norwegian electric car company Think has raised an additional US$40 million and plans to launch its Think City vehcle in US markets by the end of the year.

All of Think's existing major shareholders participated in the latest round of funding, according to a realease, and venture capital fund Rockport Capital is now the company's second-largest shareholder.

US company Ener1 (Nasdaq: HEV) remains the largest shareholder, after expanding its stake to 31% in a $47 million round of funding in August 2009. 

Think has had financial difficulties over the last two years, and narrowly escaped bankruptcy at the beginning of 2009.

Think released a statement this week saying it is now fully funded and expects to become cash-flow positive in 2011.

In August 2009, the company also announced it would outsource production to Finland's Valmet Automotive, which also invested in Think.

In January, THINK North America announced a new manufacturing facility in Elkhart, Indiana, and recently completed the initial phase of due diligence for a low-cost, long-term loan with the U.S. Department of Energy (DOE) to help fund the North American expansion. Think plans to begin assembling electric vehicles in Elkhart during 1Q11.

Think CEO Richard Canny said with the equity round complete, Think will further expand its business selling EV drivetrains, particularly in Japan.

In Related News...

Toyota Motor Corp., the biggest seller of hybrid cars, said it has cut the cost of making fuel-cell vehicles by about 90 percent since the mid-2000s and may be able to price its first retail hydrogen model at about $50,000.

Read Bloomberg coverage at the link below.


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