Th!nk saved by outside investors Ener1
Auto Blog: EV/Plug-in , European Union , Th!nk (Think) Click above for a gallery of the Th!nk City Th!nk’s not dead yet, though it might still officially be on life support. As expected , an outside group of investors has stepped up to the plate and bailed out the Norwegian electric car company with a bridge loan of 40 million crowns ($5.69 million). The largest bit of funding comes courtesy of Ener1 Group Inc. If that name sounds familiar, it’s because they’re the private equity firm that owns 57% of Ener1, which, in turn, is the maker of battery packs that are being used in the Th!nk City. This figure is short of the 100-200 million crowns that Th!nk’s administration said may be necessary for continued operation, but Th!nk’s Richard Canny says it gives them time to get final funding in place and to begin working back up to regular production. Ener1 Chairman and CEO Charles Gassenheimer told AutoblogGreen that, “Ener1 Group has been very interested in furthering its investments in Electric Drive, so this fits within our investment paradigm. The financial distress in December took all of us by surprise, so this is just a short term solution. This will give us until March to complete the larger round. This funding round will allow Think to start ramping up production as early as February, with an eye to getting back into full volume production by April.” Thanks to everyone who tipped this ! Gallery: Th!nk City [Source: Reuters ] Th!nk saved by outside investors Ener1 originally appeared on AutoblogGreen on Tue, 13 Jan 2009 19:07:00 EST. Please see our terms for use of feeds . Car Blog Green|Car Blog Green|Car Blog Green|Car Blog Green
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Th!nk saved by outside investors Ener1
Detroit 2009: Tesla talks Model S, Daimler deal and Roadster production update
Auto Blog: EV/Plug-in , Tesla Motors , Detroit Auto Show Click to enlarge We posted earlier today about what Tesla Motors’ CEO Elon Musk told us about the Model S and the deal with Daimler for the smart ed . Musk spoke at the Tesla Motors during a press conference here at the Detroit Auto Showthis afternoon and gave a little more information that’s worth sharing. First, the deal for the 1,000 smart eds we heard about earlier might only be the tip of the iceberg. Musk said that Tesla could supply the packs for “tens of thousands” of electric smarts if the testing of the first thousand goes well. Musk made it a point to add that he and Tesla are proud to be working with Daimler. One reason he worked to create Tesla Motors in the first place, Musk said, was to revolutionize electric car technology. This deal does exactly that, and we might soon hear more such announcements. Musk said Tesla is looking for another one or two strategic partners, either domestic or international companies, to work with. The whole Detroit vs. Silicon Valley thing is not the way to move forward, he said. There’s much more after the jump. Gallery: Detroit 2009: Tesla powertrain [Source: Tesla] Continue reading Detroit 2009: Tesla talks Model S, Daimler deal and Roadster production update Detroit 2009: Tesla talks Model S, Daimler deal and Roadster production update originally appeared on AutoblogGreen on Tue, 13 Jan 2009 18:16:00 EST. Please see our terms for use of feeds .Car Blog Green|Car Blog Green|Car Blog Green
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Detroit 2009: Tesla talks Model S, Daimler deal and Roadster production update
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