Electric Car Maker THINK Completes Equity Increase; Eyes US Launch
May 11 2010 - 4:30AM
Dow Jones News
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.
Company website: www.thinkev.com
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com