Electric vehicle manufacturer Think is one of a plethora of companies competing for dollars in what could be a very lucrative American retail electric car market. Think, however, has already been down the road in terms of electric car development in Europe, which perhaps helps explain, at least in part, how they were able to recently score “a US$40 million equity increase to support further product development and planned expansion into North American markets.”
Think, which will be doing a small scale debut of its electric vehicle later this year in New York, said the funding will help it to become what it believes will be cash positive next year. Think is building out a North American manufacturing facility in Elkhart, Indiana, and “recently completed the initial phase of due diligence for a low-cost, long-term loan with the U.S. Department of Energy (DOE) to help fund the North American expansion.”
“The new equity round will help THINK take full advantage of the rapid growth of zero emissions vehicles around the world,” said CEO Richard Canny in a statement. “The electric vehicle’s time has arrived, and we are ready to take a leading role among the world’s first global EV makers.”
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