Think is preparing to launch its electric vehicles in the United States
By Andrew C., 30 Aug, 2010. 0 Comments
Think Global, a Norwegian electric carmaker, has already chosen a site in Indiana for its US manufacturing facility. More details will be disclosed in the next few weeks, according to Charles Gassenheimer, chairman and CEO of lithium-ion battery maker Ener1 Inc., which has a 31% stake in Think. There have been previous reports on Think‚ plans to launch its vehicles in the US and its consideration of an idea to open a new US manufacturing plant and technical center. Continued after the jump!
Gassenheimer confirmed that the carmaker has applied for a US government loan under a program set up to promote production of fuel-efficient vehicles.
The loan application is in the initial stages. Ener1, which also has a battery supply agreement with Think, purchased a stake in the carmaker this year after the Norwegian company had been searching for funds for it to survive and exit court protection.
Ener1 agreed to give Think a boost by investing about $18 million in three tranches and converting $3 million in debt into preferred shares of the automaker. All in all, Think obtained $47 million from several investors, which include Finnish contract manufacturer Valmet Automotive and Norwegian government-backed investment fund Investinor.
[via autonews]
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