Recent reports that Think would move the manufacturing location of its City electric cars from Norway to Finland were true. The Norwegian EV company has some even better news, though: it has received approval for its debt settlement plan and will now be able to exit court protection. Think CEO Richard Canny said the ruling means “we can re-start production of the TH!NK City as soon as possible.”
Re-starting production will be helped along thanks to a capital increase of $47 million from Ener1, Valmet Automotive and Investinor, the Norwegian Government-backed investment fund. After this latest round of financing, Ener1 will own about 31 percent of Think. Valmet’s new investment in Think makes sense because the contract automaker (Valmet also makes cars for Porsche and will soon begin making the Fisker Karma) should start building Think City EVs before 2009 is finished. Norwegian production will be “suspended indefinitely.” What does this mean for people who want to buy a City? Canny is hopeful that first customer sales will be made “this side of 2010.” Thanks to everyone who sent this in!
Gallery: Think City in Detroit
Think exits bankruptcy, gets $47m for production move to Finland originally appeared on Autoblog Green on Thu, 27 Aug 2009 11:56:00 EST. Please see our terms for use of feeds.