TH!NK EV MONEY MAKES INDIANA JOBS

Norwegian electric-car maker Think revs up funding
Todd Woody, May 10, 2010 (LA Times)

"Think, the Norwegian electric carmaker, …[has] raised an additional $40 million in funding to finance its expansion in Europe and the United States.

"Venture capital firm Rockport Capital Partners and Ener1, a lithium-ion battery manufacturer, led the funding…Ener1 remains Think’s largest shareholder, with a 31% stake in the company, while Rockport Capital is now the second-largest owner. Each company put up $12.5 million in the latest round. Past investors have included Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers and General Electric.

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"Earlier this year, Think announced that it would build its first U.S. factory in Elkhart, Ind., with its City urban runabout expected to start rolling off the assembly line in early 2011.

"…Richard Canny, Think’s chief executive, said the company planned to ship an initial 500 cars to the U.S. market from a Finland assembly plant in this year's fourth quarter…"

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"The City, a snub-nosed coupe with a floor-to-ceiling glass hatch, can travel about 112 miles on a charge…The U.S. version of the car will have a top speed of 70 to 75 miles per hour…

"Canny said most of the first shipments of cars would be sold to corporate fleets and car-sharing services…[T]he new funding [will] allow the company, which expects to become profitable next year, to introduce a right-hand-drive version of the City to the British market in early 2011 and to expand its electric drive train manufacturing business. Think has raised $87 million since August."