Winchester, UK - Norwegian electric vehicle producer, Think Global AS, is to receive $47 million of equity funding from a group of investors lead by Ener1, Inc., which is the parent company of EnerDel, a leading manufacturer of advanced lithium-ion automotive battery systems based in Indianapolis, USA, and an existing supplier to Think.
Ener1, Inc. is to invest approximately $18 million in three tranches, and convert an additional $3.0 million in debt for convertible preferred shares of Think, effectively transferring the 10 percent equity stake held by Ener1 Group to Ener1, Inc. Once all stages are complete, Ener1, Inc, will hold approximately a 31-percent stake in the company. Other stakeholders in the deal include Investinor, the Norwegian sovereign investment company.
EnerDel and Think have also agreed to enter into a new long-term battery supply agreement as part of the transaction. EnerDel will receive certain exclusivity rights for the supply of batteries for Think's current and upcoming new vehicle models.
"Automakers need made-to-order performance combined with the pricing and availability of an off-the-shelf system," said Ener1 Chairman and CEO Charles Gassenheimer. "Ener1 and Think have collaborated for years on systems development, and today possess a unique ability to bring together category-leading technologies in a fully integrated platform, to suit a wide variety of vehicle applications."
"This investment cements our partnership with one of the leading advanced battery manufacturers in the world," said Think CEO Richard Canny. "In addition to ensuring supply of high-performance battery systems, the new deal will enable us to more fully capitalize on our advantage in the marketplace with the only 'plug-and-play' electric vehicle drive system with prismatic lithium-ion technology."
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