Company: Think Holdings AS
THINK has completed a US$40 million equity increase to support further product development and planned expansion into North American markets. With the new equity, THINK 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.”
Headquartered in Norway, THINK has raised a total of US$87 million since last August, when it started a new phase of production with strategic partner 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.