The Think City: rearing to go.
(Credit: Think Global)One year after nearing financial ruin, Think said Thursday that it has starting making its small all-electric sedan.
The Norway-based company plans to begin delivering the two-seat Think City to customers in Europe, where municipal governments and utilities plan to use them as fleet vehicles. Think has orders for 2,300 of the cars, supported by government incentives. The initial car deliveries are due before the end of the year.
The Think City can go as fast about 60 miles per hour and it has a range of about 100 miles, on lithium ion batteries supplied by EnerDel. The car is being marketed to city dwellers who would like an electric car for daily commuting and errands, but not long trips. It's one of a few electric cars aimed at mainstream consumers that will be coming out in the next two years.
Valmet Automotive, which manufactures for Porsche and Fisker Automotive, has a production line of Think City cars at a plant in Uusikaupunki, Finland.
About a year ago, Think had to shut down its operations because it ran out of cash. Over the past year, the company secured more money and reorganized its management structure.
The company, which has its roots at Ford, plans to open a manufacturing facility and to launch sales for the Think City in the U.S. sometime in 2010. It also hopes to make money by licensing its electric power train to other automakers.
Mazda, EnerDel, Think Global, and others are partnering on a test project that will pair all-electric cars with stationary storage units as charging stations, EnerDel and Mazda announced this past week.
Mazda plans to convert some of its Mazda2 vehicles (known as the Mazda Demios in Japan) to all-electric cars running a Think drivetrain with EnerDel lithium ion batteries.
The Mazda2 (called the Demios in Japan) is expected to become available in the United States in 2010.
(Credit: Mazda)The cars will be offered to Japanese customers through a rental car program, called the Tsukuba Environmental Style Test Project, which should be up and running by March 2010 in Tsukuba City, Japan, near Tokyo, according to Mazda.
U.S. battery manufacturer EnerDel has described the test project as the Japanese equivalent to Zipcar in the States, a program in which customers join a car club that offers car rentals on an hourly or daily basis.
Instead of recharging stations tapping directly into a smart grid, those in the Tsukuba test project will use stationary grid storage units also developed by EnerDel. The stationary storage units will enable the rapid charging of the all-electric Mazda2 cars, while avoiding the possibility of having to tap into a smart grid during peak usage hours.
"The unique combination of on-site battery storage with rapid charging allows the use of direct current throughout the system, sharply reducing the amount of time needed to charge a vehicle," according to a statement from EnerDel.
The recharging stations, which will draw from solar panels as well as grid power, will be located at Family Mart convenience stores in the Tsukuba City area.
Itochu, a Japanese conglomerate that has partnered with EnerDel on energy projects since 2003, owns the Family Mart chain. It was through a partnership with Itochu that EnerDel and Think Global converted and tested a fleet of trucks to all-electric vehicles for the Japanese Postal Service.
Electric car maker Think has gotten a new financial lease on life, allowing it to begin production of its Think City car.
The Think City to go back into production 'as soon as possible.'
(Credit: Think Global)The company on Thursday said that it has exited court protection in its base country of Norway and secured an additional $47 million in equity. Investors include EnerDel, which supplies batteries to Think, as well as production partner Valmet Automotive and Norwegian government investment fund Investinor.
"This means we can re-start production of the Think City as soon as possible," said CEO Richard Canny in a statement.
The Think City is a highway-capable all-electric car, able to go about 60 miles per hour and a distance of about 100 miles. It's a small two-door sedan with a hatchback.
Think plans to make the car available to European consumers by the end of the year. It is also hoping to manufacture Think City cars in the U.S. for U.S. consumers.
It's marketing the electric city car for people who want an electric vehicle for daily commuting needs, able to do errands and daily driving, but not long trips.
The car will be manufactured by Valmet in Finland alongside Porsche Boxsters and Cayman sports cars. Think will close its existing production facility in Norway, which will lead to the elimination of 85 jobs.
The company had to halt production when it ran out of money late last year, sending it to Norway's equivalent of bankruptcy protection.
In addition to selling cars, Think is looking at licensing its electric powertrain, which has been under development for years, to third parties.
Think, which plans to make a small all-electric car, expects to secure a fresh round of funding and emerge from bankruptcy next month, according to a company representative.
Settling its debts and boosting its capital will allow Think to start producing its electric city car by the end of year. If all goes as planned, the company hopes to start shipping the Think City, a highway-capable electric car with a 100-mile range, to European customers by the end the year, company spokesperson James Andrews said Tuesday. Already, 2,500 people have ordered cars.
The company is also looking at a handful of states in the U.S. where it would produce the Think City, which has a top speed of 65 miles per hour, for sale in the U.S. The Think City is a two-seater hatchback, but the company is also working on a four-seater big enough for two adults and two children, Andrews said.
The Think City: rearing to go.
(Credit: Think Global)Norway-based Think is at the forefront of a wave of electric sedans that are expected to come to market in the next few years. Although the range is limited in on these electric cars, automakers expect it's sufficient for consumers' daily commuting needs.
Nissan on Monday said , an electric sedan with a 100-mile range and a . will be available for sale next year.
Coda Automotive will introduce its in California next fall. Other planned all-electric sedans include and namesake car.
Think, originally formed when Ford sold it to outside investors, hit in December and had to stop production. It has spent the last months rebuilding and expects to have a court date in August that should allow it to emerge from bankruptcy protection, Andrews said.
It also has developed a business to sell its power train to third parties. The Japan Postal Service, in a deal initiated by battery supplier EnerDel, has signed on to test the power train in.
"We're the only one out with a fully integrated E.V. drive system," Think's CEO, Richard Canny, told The New York Times. "It's an opportunity to get further volume and scale on the technology we already have. And it helps us get better pricing on components and further our development of E.V. drivetrain systems."
Going electric: thousands of Japanese postal trucks.
(Credit: Japan Postal Service)Electric carmaker Think Global and auto battery company EnerDel said Monday they will supply the electric drive components for a trial to convert gasoline trucks in Japan.
Think's electric power train and EnerDel's lithium ion batteries will power delivery trucks for the Japan Postal Service. As part of a government-led effort, the Japan Postal Service plans to convert 25 percent of its 22,000-truck fleet from gasoline to all-electric.
Testing alternative power trains with fleets is typically a good way to try out new technologies because vehicles can be refueled in controlled settings, such as corporate or government offices.
Think said the power train that will be used in the Japanese trial was originally developed for the Think City all-electric town car. The company, which had to delay production earlier this year because of financing problems, sees supplying third parties as a "significant new business line and revenue opportunity," Think CEO Richard Canny said in a statement.
EnerDel, meanwhile, is seeking to expand its auto battery manufacturing business, in part by applying for government loans to promote the domestic battery industry. So far, EnerDel has lined up supply deals with Think and luxury plug-in electric carmaker Fisker Automotive.
The DEll G2410 impresses with its power efficiency and performance.
(Credit: CBS Interactive)Earth Day brings with it many things: temporary environmental consciousness, plenty of green and white design motifs, and sometimes a new green-focused section of a Web site.
This year, the Web site in question is ours. Today CNET launches its new Green Electronics Guide. There you can check out our top green products, from cars to desktops, as well as power efficiency guides on laptops, desktops, TVs, and monitors.
In the monitor guide you'll see the power efficiency of 21 different monitors compared, and you'll discover ways to cut down on your current power consumption. Today also marks the launch of a new CNET rating, Power Saver. Check out how CNET tests monitors for power efficiency to see how a monitor can earn the Power Saver seal.
Not surprisingly, Dell's green-focused monitors, the 22-inch G2210 and the 24-inch G2410, easily earned the seal. As did the Lenovo ThinkVision 1940p, a 19-inch monitor, that, thanks mostly to its relatively low size and resolution, doesn't require much power to function.
The G2210 and the G2410 aren't just here to please all of us hybrid driving San Franciscans, either. They were actually two of the best overall performers we've yet seen, thanks in part to their LED backlights. The backlights allow the monitors to efficiently control the amount of light coming though their screens. This in turn gives the monitors a low black level, making movies, especially HD movies, look stellar. Check out the G2210 and the G2410 reviews to see what we thought overall.
Norway's pioneering electric-car maker, Think, plans to open a new manufacturing plant and technical center in the United States. The company is currently in discussions with eight states, including Michigan and California, hoping to host the facility, which will initially employ about 300 workers with a starting capacity of 16,000 cars per year. The company has not announced the other six states.
The technical center will provide jobs for another 70 engineers and electric-drive specialists. Plans ultimately call for up to 900 employees and a capacity of 60,000 electric vehicles per year, the company said in a statement.
The plant will build the innovative Think City, a sophisticated, high-tech compact electric vehicle recently nominated for England's prestigious Britt Design Award. The all-electric car, which can travel up to 112 miles on a single charge, is designed, engineered, and produced to have the lowest-possible carbon footprint, with recyclable plastic body panels and a fully recyclable interior.
U.S. production of the Think City is expected to start in 2010, with the first-year volume of 2,500 units being available to pilot and demonstration fleet projects.
Think CEO Richard Canny and other officials from the company's subsidiary, Think North America, are in Ann Arbor, Mich., this week, meeting with representatives from the eight states to discuss manufacturing options. A ride-and-drive event is featuring the production-level version of the Think City electric car currently selling in Europe.
Electric town car maker Think Global has been thrown a financial lifeline from battery maker Ener1 and other investors.
Last month Think CEO Richard Canny told reporters that the company was running out of working capital and had to suspend production of its small all-electric car, the Think City. The latest version with lithium ion batteries, giving it a range of about 100 miles and top speed of 65 miles per hour, was slated to go on sale in Scandinavia early this year.
The Think City from Think Global.
(Credit: Martin LaMonica/CNET Networks)On Monday, Think said that it has secured about $5.7 million in "interim financing," led by Ener1, one of the battery suppliers for the Think City.
In a statement, Canny said that the money isn't enough to get the company operating at full speed again:
"This interim financing is an important step for us to be able to recommence production as soon as possible and we are grateful for the support of Ener1 Group and our existing investors. We have encouraging engagement with a number of potential new equity investors for our recapitalization process," Canny said.
In a statement Ener1 CEO Charles Gassenheimer said the investment aligns with the company's strategy to "invest in the future of electric drive."
Think's financial problems underscore the difficulty of bringing cars based on new technology to market during a bad economic downturn.
Investors are cautious to invest in a new and expensive auto technology being used in a relatively young product category. Electric cars also require upgrades to the electricity infrastructure and more consumer education to take off, say auto industry executives.
Think Global, which makes the Think City electric car, is having difficulty securing money to continue operating and is seeking state aid from the Norwegian government, according to a report.
Reuters reported on Monday that Think CEO Richard Canny held a news conference where he said that the company needs up to $29 million in loan guarantees.
The Think City from Think Global.
(Credit: Martin LaMonica/CNET Networks)It plans to reduce staff by at least 50 percent and stop production with an eye toward restarting in the first quarter of next year, the report said.
The company said the global financial crisis has made it difficult to get working capital and parts suppliers are demanding more difficult financial terms.
In a statement, the company said it had "limited possibilities for funding working capital through bank credits without extra guarantees in today's financial markets."
Representatives from the Norwegian government told Reuters on Tuesday said that it would not directly intervene to prop up the company.
Think, which used to be owned by Ford, is one of the more high-profile electric-car makers.
It is already manufacturing the Think City for sale in Europe. It had planned on rolling out a new version in Scandinavia early next year that would have a top speed of 65 miles per hour and a range of about 100 miles. Battery makers Ener1 and A123 Systems had been contracted to supply lithium-ion batteries for the city cars.
Think has run into financial problems before, having gone bankrupt twice. But it secured new investors in 2006.
Brian Cooley looks at a pavilion full of electric cars at the 2008 British International Motor Show. He checks out a Gem, a G-Wiz, a Smart concept, a Think, and a Nice.
