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.'
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.