The maker of one of the electric vehicles anticipated for launch in North America later this year filed for bankruptcy protection yesterday in its home market of Norway. This is the fourth time in its 20-year history Think Global AS has run out of sufficient operating capital. "We needed some additional funding and although we had interested investors they were not able to come to the table quickly enough," Think spokesman James Andrew told Automotive News Europe. The bad financial news follows the announcement early May by Ener1, the supplier of Think’s prismatic battery cells, that it was severing relations.
Norway-based electric carmaker Think received more than its share of buzz last week as the company announced plans to produce its small all-electric vehicle in the United States. But what the company wants is a share of the $25 billion in Department of Energy loans set aside to promote advanced technology vehicles. Before the company can build electric cars in the US or anywhere else, it needs funding to stay alive. Think is now in the Norwegian version of Chapter 11 bankruptcy.
Electric carmaker Th!nk was denied its request to the Norwegian government for loan guarantees to weather the current economic crisis. The denial may have sealed the company’s fate.
