After twice falling into bankruptcy, Think Global, a Norwegian electric-car maker, has raised a further $40m from venture capitalists and corporate venturers in what the company hopes will be its final funding round until it turns cashflow positive next year.
US-based VC firm RockPort Capital Partners and US-based battery maker Ener1 co-led the oversubscribed funding round and both increased their investment in Think by $12.5m. Charles Gassenheimer, executive chairman of Ener1, which first signed a supply agreement with Think in October 2007, has also become chairman of Think.
They were joined by Think’s existing shareholders: Finnish car maker Valmet Automotive, Norwegian state investment fund Investinor and US-based VC Kleiner Perkins Caufield & Byers. The company has now raised $87m since a bankruptcy restructuring last August and had previously raised $85m, according to newswire www.pehub.com, including investment from General Electric.
Think is the same company behind the original Th!nk electric car that went on sale in the US during the late 1990s under vehicle maker Ford‘s ownership. Ford sold it in 2003 to Swiss company Kamkorp Microelectronics and it first became bankrupt in 2006.