Norwegian electric carmaker Think, which was facing the threat of bankruptcy earlier this year, has gotten some cash to revive its business.
The company on Wednesday received an investment of 250 million Norwegian crowns ($39 million) from new and existing investors, according to The Norway Post.
That could help the beleaguered automaker restart production of its Think City vehicle, whose future had been placed in question by news early this year that the company was facing potential insolvency.
Still, Think remains 280 million crowns ($31.3 million) in debt, though the company reported Tuesday that it is reaching settlements with its creditors as part of its path toward resuming production.
In January, Think was loaned about 40 million crowns ($5.7 million) from investors including Ener1 Group, which is a shareholder of erstwhile Think battery supplier Ener1 Inc. (see Think Gets $5.7M to Stay Alive – For a Little While).
While that was short of the 100 to 200 million crowns ($14 million to $28 million) the company said it would need to restart production of the Think City, Wednesday's funding more closely matches that magic figure.
Think had been forced to shut down production of its two-seater Think City cars only months after it first started selling them in November (see Green Light post).
The compact car has a 180-kilometer (112 mile) range on a single charge, but also costs a pretty penny – 200,000 crowns ($28,690), without the battery pack, which can be leased for 1,275 crowns ($183) per month (see Think's Electric Car Is Here, But Bring Your Wallet).
Still, Think could see brisk sales if it can actually start making its cars again. Sources tell Greentech Media that the company has a pretty good backlog of orders.
Think began its sales in Norway, but has said it seeks to start selling them in Denmark, and in March said it was shipping 500 to Dutch company ElmoNet (see Green Light post).
Also in March, Think said it had plans to build a U.S. factory to supply the world's biggest car market – a plan for which it, along with a long list of automakers from startups like Tesla Motors to the bankrupt giant Chrysler, are applying for federal stimulus grants.
