Think (aka Th!nk), which has been saved from collapse three times in its 19-year history, announced today that it has received a $40 million cash injection from existing investors to support its product development, drivetrain projects and planned expansion into North America.
The electric-car manufacturer said that it is now fully funded and expects to be “cash flow positive in 2011.” Those same investors helped Think raise $47 million in funding last summer to exit court protection in Norway.
“We are thrilled to have the extra cash and confidence from shareholders. Everything is coming together for the company,” Think CEO Richard Canny said in an interview.
Think has established a U.S. subsidiary ““ Think North America, a stand-alone business that will include manufacturing, product development, sales and distribution. The company has an active application before the U.S. Energy Department under the $25-billion Advanced Technology Vehicle Manufacturing loan program.
The company’s Think City electric-car will be sold in the United States later this year and will have a top speed of 70 miles. On a full charge, it will be able to travel a little more than 100 miles.
– By: Omar Rana
Source: Automotive News (Subscription Required)