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July 17, 2007
Norway's Electric Car Company TH!NK GLOBAL Raises $60M
Norway's tiny car maker TH!NK GLOBAL has raised $60M in funding to support a new version of its all-electric, two-seater auto.
TH!NK GLOBAL was formerly part of the Ford Motor Company which invested $50M in R&D before punting it. TH!NK was taken over by a group of Norwegian investors in March 2006. Specifically, TH!NK GLOBAL was acquired in March 2006 by Alf Bjørseth, Reidar Langmo and Jan Otto Ringdal. The three made a fortune having founded Norway’s Renewable Energy Corporation, one of the biggest solar energy companies.
Despite the company's long, slow history now with the growing interest in low fuel use and low emissions, the company is getting its legs. TH!NK began its life in the mid 1990s, developed by a Norwegian company named PIVCO (for Personal Independent Vehicle Company). PIVCO's third-generation vehicle, launched in 1995, was named CityBee in Europe and Citi in USA. In 1996, 120 CityBees/Citi's were built, with over a third shipped to California to participate the Bay Area Rapid Transit station car program.
The latest round comes in part from new investors DFJ Element and RockPort Capital Partners and brings total external funding this year to $90M. London-based Hazel Capital and CG Holding, also new investors, joined existing institutional backers Canica, Capricorn Investment Group, and Wintergreen Advisors in the round.
The cars will come off the assembly line in December and TH!NK is offering a three-month trial period.
Read - Red Herring story
Posted on July 17, 2007 11:34 PM | Posted to Alternative Energy | Permalink
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