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PHOTO CAPTION: Think A306 electric car carries to passengers.

Think Rescued Again!

Ener1 provides $5.69 million bridge loan to give Norwegian electric car manufacturer in production. Think uses EnerDel batteries.

Published: 17-Jan-2009

OSLO -- The Norwegian maker of the Th!nk City electric car has received interim financing from investors, saving it from bankruptcy, after temporarily halting production in December following a cash squeeze.

The privately-held company said on Tuesday it had received a bridge loan of 40 million crowns ($5.69 million) with the largest part from private equity firm Ener1 Group, the main shareholder of battery producer Ener1 Inc.

"The financing will allow Think to focus its efforts toward the next stages of the restructuring process," Think said in a statement, adding that it aimed to raise permanent equity capital and gradually return to volume production.

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