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Home | Green Cars News | Business | Ener1 Takes Stake in Electric Vehicle Maker Think Global

Ener1 Takes Stake in Electric Vehicle Maker Think Global

27 August, 2009 09:52:00

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Ener1, Inc. will take the lead among a group of investors that plans to inject $47 million of equity funding into Think Global AS, the Norwegian electric vehicle producer.

Ener1, Inc. is the parent company of EnerDel, a leading manufacturer of advanced lithium-ion automotive battery systems based in Indianapolis and an existing supplier to Think.

Ener1, Inc. has agreed to invest approximately $18 million in three tranches, and convert an additional $3.0 million in debt for convertible preferred shares of Think, effectively transferring the 10% equity stake held by Ener1 Group to Ener1, Inc. Once all stages are complete, Ener1, Inc. will hold approximately a 31-percent stake in the company. Other stakeholders in the deal include Investinor, the Norwegian sovereign investment company.

EnerDel and Think have also agreed to enter into a new long-term battery supply agreement as part of the transaction. EnerDel will receive certain exclusivity rights for the supply of batteries for Think's current and upcoming new vehicle models.

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