Posted 08.28.2009 in News by Christopher
Electric car maker Th!nk has exited bankruptcy protection and secured $47 million in new financing. The Norwegian company will restart production of the Th!nk City, a small sedan with a range of about 100 miles.
Think shut down its assembly line outside of Oslo late last year after the global financial crisis made access capital difficult.
The American company Ener1, which owns the lithium-ion battery maker EnerDel, is Th!nk’s largest shareholder with 31 percent of the company. EnerDel supplies batteries to Think. In July, the two companies began a joint venture to sell electric car drivetrains.
Also taking positions in the company is Investinor, an investment fund backed by the Norwegian government, and Valmet, an auto manufacturer that assembles the Boxster and Cayman under contract with Porche. Original investors retaining a stake include General Electric and the Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.
The Th!nk City will now be made in Finland at the Valmet Automotive plant. Valmet, expanding its electric car portfolio, will also produce the Fisker Karma plug-in hybrid electric sports sedan.
The Finnish factory’s product will be sold primarily in Europe.
Th!nk also plans to build a factory in the United States. The company has applied for Energy Department supported financing.
Th!nk’s senior management, sales, marketing, design and engineering staff will remain at the company’s Oslo headquarters.