Think Global gets $60M more for practical electric car

July 20, 2007 | Matt Marshall
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think.jpgNorwegian electric car company Think Global AS, aiming to roll out its first electric vehicles this years, said it has raised $60 million in its second round of financing.

Its the latest electric car company to get significant funding, following Silicon Valley’s Tesla Motors, which is building a high-end, all-electric sports car.

The two companies are partnering, with Tesla providing batteries for the Think, a much smaller, more practical car.

Think has now raised $85 million this year. Investors include DFJ Element, RockPort Capital Partners, British Hazel Capital and CG Holding. They join existing investors Canica, Capricorn Investment Group and Wintergreen Advisers, among others (see entire statement here).

The cars will be priced at about $35,000. On top of that is an additional $100 to $150 monthly fee for the battery. To start with, the cars will be marketed in relatively small amounts in Europe

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About the Author,

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.

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