Electric Carmaker THINK Completes Equity Offering and Eyes US Launch

According to the Wall Street Journal, Electric car maker THINK said Tuesday it completed a $40 million equity increase to help fund both vehicle development and planned expansion in North America, and expects to create positive cashflow in 2011. 

In a statement, the Norwegian-based company said following the closing of the transaction it will foster the development of right-hand-drive cars for markets such as Japan and the U.K.

U.S.-based Rockport Capital and Ener1 Inc. (HEV) participated in the capital increase, according to the statement.

“There were others apart from Ener1 and Rockport Capital, but the size and origin of these investments is undisclosed. All we can say is that all THINK shareholders participated in this equity round,” a spokesman for THINK said.

THINK plans to start production at its U.S. plant in Elkhart, In., during the first quarter 2011. It plans to start selling vehicles in the U.S. this year, with the first cars sold to American customers to be built in Finland until production in Indiana is ramped up next year.

Ford Motor Co. (F) invested $150 million in THINK during its four years of ownership, according to the THINK website, but sold the operations in 2003 as part of a wider overhaul. In 2006, Norwegian investors took over the firm.

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Posted by admin on May 13 2010. Filed under Electric Vehicles International, Ev's, Think!. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry