Think Global has completed a private placement of $60 million

Unternehmen und Markt

think-logo(Source: Think) Oslo - Think Global has completed a private placement of approximately $60 million, aimed at several strategic investors. This, in addition to the $25 million they received earlier this year, ensures the Norwegian electrical car manufacturer a solid financial base of $85 million.

The involvement of several foreign investors means a great deal for our international development. It has secured the production, sales and distribution of our latest model TH!NK city, says CEO Jan Olaf Willums. The interest in our company has increased both domestically and internationally lately, he enthuses.

New Investors
Among the biggest of our new investors are DFJ Element and RockPort Capital Partners, who are two of the most renowned venture companies in the US in the field of “clean tech”. In addition to these, British Hazel Capital LLP and CG Holding (Atle Brynestad) are also new investors in Think Global.

 We are convinced that the company will succeed with its environmentally friendly car concept and this is why we consider it to be a good investment for us, says Atle Brynestad. He adds that CG Holding has ordered 10 TH!NK city vehicles to be used in the company, and he does not discard the possibility of extending the order in the future.

Among our existing owners, Canica, Capricorn Investment Group and Wintergreen Advisers are once again big investors in this financing round. Several of our previous investors has come through again; Petter Sundt, Stein Erik Hagen (Canica AS), Christian Stabell Eriksen (Centra-group), Andre Heinz and Petter Stordalen.

The three REC founders Alf Bjørseth, Reidar Langmo and Jan-Olaf Willums who has been in charge of the company for the last 15 months have increased their contributions and owns one third of the company.

Production and long term goals
Thinks financial base enables us to start the production of the new TH!NK city model within the fall of 2007. The estimated production in Aurskog is said to reach 250 cars a month within one year.

Our investors and the new capital enable us to think ahead and make more plans for the future. We have a solid platform from which we will build a long term strategy for the company, says Willums.

Image: Th!nk Global

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