Independent electric carmaker, Think, has secured US$40 funding in order that it can continue with further product developments and planned expansion into North American markets.
The Norwegian carmaker ran into financial trouble last year as the global economy staggered. It emerged from court bankruptcy protection in August 2009 after securing $47 million worth of funding from investors including Valmet Automotive –its new strategic partner-and has been steadily continuing with its plans to retail its Think! city car model. The carmaker now says it is now fully funded and expects to become cash-flow positive in 2011.
“The new equity round will help THINK take full advantage of the rapid growth of zero emissions vehicles around the world,” said CEO Richard Canny. “The electric vehicle’s time has arrived, and we are ready to take a leading role among the world’s first global EV makers.”
THINK has raised a total of US$87 million since last August, when it started a new phase of production with Valmet Automotive of Finland, and has invested heavily in new product development in Europe and Asia. 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.
The company will begin selling the THINK City in the U.S. this year. The first cars sold in the U.S. will be built in Finland until production in Indiana gets underway in 2011.
The two seater urban car has a top speed of 65 miles per hour. It accelerates from zero to 30 mph in just 6.5 seconds and 50 mph in 16 seconds. It requires just an overnight top-up of electricity and can travel for 124 miles in city driving on a fully charged battery. A full charge from a domestic electricity socket takes just ten hours.
