After its virtual collapse last month, there are now renewed signs of life at Norwegian EV maker Th!nk. Ener1 Group Inc., which owns 57 percent of U.S. battery maker Ener1, is one of the investors in Th!nk and Ener1 had been set to supply Th!nk with lithium ion battery packs for its City car, as well as future products. According to Ener1 CEO Charles Gassenheimer, the company is looking at significantly upping its ownership stake in Th!nk. Half of the $5.7 million cash infusion that Th!nk received in December came from Ener1 and Th!nk may need up to $40 million to get production going. Gassenheimer believes the company could easily sell 10,000 of the City cars annually in the U.S. In conjunction with the DOE loans that EnerDel has applied for to fund increased battery production capacity, Gassenheimer is looking at setting up Th!nk City production in U.S. as early as 2010.
[Source: Electric Aid]