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Think production to resume
28 August 2009
Norwegian electric car manufacturer Think has exited court protection in its native country.
The manufacturer had been struggling with debt prior to entering court protection but it has now received $47 million (£29m) of new investment. This means it is able to resume normal manufacturing and sales of its Think City electric car.
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Think CEO Richard Canny said: “This court ruling completes the final step in our return to normal operations. It is an important day for Think, and we would like to thank our creditors and suppliers for their continued support, and to show our appreciation to Think’s very patient and loyal customers – this means we can re-start production of the Think City as soon as possible.”
The Think City has a range of 112 miles and the company claims it is the only electric city car with pan-European regulatory safety approval and CE certification.
Think’s three principal new investors are US-based lithium-ion automotive battery manufacturers Ener1, Finish manufacturing firm Valmet Automotive and the Norwegian government-backed investment fund Investinor.
As part of the deal, Ener1 will become Thinks long term battery supplier and it will now switch production to Valmet’s facility in Finland.
Its current plant in Aurskog, Norway will be suspended indefinitely, with around 85 jobs being affected.
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