Electric carmaker raises more funds

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The Norwegian electric carmaker ‘Think’ has issued new stock in a fund-raising move aimed at helping finance a new planned factory in the US.

The little Think car has been in the hands of numerous owners and subject to redesign, but now investors finally think they're on track. PHOTO: Think Nordic

Think raised NOK 252 million (about USD 42 million), reports news bureau NTB, and all current shareholders took part in the stock issue.

The money is earmarked for Think’s new plant in Elkhart, Indiana, which intend to launch small-scale production within the next year.

Think, which has had a long and rocky financial history since it first started rolling in the 1990s, has now raised a total of nearly NOK 550 million. It’s under new ownership with Norwegian investors now back in the driver’s seat after they bought the bankrupt estate of Think Nordic in 2006.

Original production facilities were set up, and remain, at Aurskog, northeast of Oslo.

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