"Our additional investment reflects our confidence in THINK as exceptionally well-positioned for success with a proven product and leading technology in electric drive systems," said Wilber James, co-managing general partner of Rockport Capital.
"This is a seminal event for THINK," commented Ener1 Chairman and CEO Charles Gassenheimer. "THINK's transformation into a company ideally placed to translate product advantage into market success is undeniable. Ener1 fully intends to invest further resources in THINK."
THINK also announced two changes to its Board of Directors. Gassenheimer was named Chairman of the Board, effective immediately. Incumbent Chairman Reidar Langmo was named Vice Chairman.
"We welcome Charles' leadership in his expanded role at THINK as chairman," Canny said. "He has made it clear to the THINK management team his dedication to accelerate new product development."
Canny said that with the closing of the equity funding, THINK will now pull ahead right-hand-drive products for markets such as Japan and the UK. He added that innovations to the THINK City will further solidify the company's leadership in the commuter car sector of the EV market.
Canny detailed several clear marks of progress at THINK:
•The equity round was over-subscribed, indicating the increasing confidence of THINK's investors in the company's future success.
•Accelerated progress with the DOE for a large-scale production loan to strengthen the company's positioning in the U.S.
•The company's strategic partner Valmet Automotive is assembling THINK City at the same plant in Finland where it builds the Porsche Cayman and Boxster.
•The company is following an aggressive schedule to mount production at its Indiana plant and plans to begin assembling electric vehicles in Elkhart during Q1 2011.
•The company will begin selling the THINK City in the U.S. this year. The first cars sold in the U.S. will be built in Finland until production in Indiana gets underway in 2011.
•THINK has announced projects to supply EV drivetrain systems to consortiums in Japan with Mazda, Japan Post and Itochu Corporation. With the equity round complete, THINK will further expand its business selling EV drivetrains, Canny said.
"This is a seminal event for THINK," commented Ener1 Chairman and CEO Charles Gassenheimer. "THINK's transformation into a company ideally placed to translate product advantage into market success is undeniable. Ener1 fully intends to invest further resources in THINK."
THINK also announced two changes to its Board of Directors. Gassenheimer was named Chairman of the Board, effective immediately. Incumbent Chairman Reidar Langmo was named Vice Chairman.
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| Photo: Think |
"We welcome Charles' leadership in his expanded role at THINK as chairman," Canny said. "He has made it clear to the THINK management team his dedication to accelerate new product development."
Canny said that with the closing of the equity funding, THINK will now pull ahead right-hand-drive products for markets such as Japan and the UK. He added that innovations to the THINK City will further solidify the company's leadership in the commuter car sector of the EV market.
Canny detailed several clear marks of progress at THINK:
•The equity round was over-subscribed, indicating the increasing confidence of THINK's investors in the company's future success.
•Accelerated progress with the DOE for a large-scale production loan to strengthen the company's positioning in the U.S.
•The company's strategic partner Valmet Automotive is assembling THINK City at the same plant in Finland where it builds the Porsche Cayman and Boxster.
•The company is following an aggressive schedule to mount production at its Indiana plant and plans to begin assembling electric vehicles in Elkhart during Q1 2011.
•The company will begin selling the THINK City in the U.S. this year. The first cars sold in the U.S. will be built in Finland until production in Indiana gets underway in 2011.
•THINK has announced projects to supply EV drivetrain systems to consortiums in Japan with Mazda, Japan Post and Itochu Corporation. With the equity round complete, THINK will further expand its business selling EV drivetrains, Canny said.