Even if you’ve got a fully developed electric car, it still takes a lot of capital to get it on the road. The latest news is that Think Global AS, maker of the highway certified two-seater electric car TH!NK city, is looking to raise a third round of funding in the neighborhood of $80 million to increase production capacity, VentureWire reports (via PEHub.)
Of all electric car startups, Think has had some of the biggest names circling its little electric cars. Once owned by Ford, the company was bought by Norwegian investors from solar giant REC, and it has since partnered with GE to help put A123 lithium-ion batteries in their cars. Think also brought on Porsche Consulting to help design its manufacturing plant.
That plant, located in Aurskog, Norway, is supposed to produce 1,200 vehicles this year for distribution in Europe and the U.S. with that number jumping up to 10,000 in 2009. In April, Kleiner Perkins and Rockport formed the joint venture Think North America to handle distribution, and the VCs promised hundreds of TH!NK City cars for fleet operators would hit the streets by the end of this year and thousands for consumers next year. We’re still waiting to hear back from Kleiner and RockPort on the status of U.S. distribution.
So who will provide Think the funds this time? Alex Haislip from PeHub has some thoughts and notes that the company has already raised more than $97 million from Draper Fisher Jurvetson, Rockport Capital,
GE Energy GE Energy Financial Services’ VC arm, Element Venture Partners, Capricorn Investment Group (Jeff Skoll’s money), Wintergreen Advisers, CG Holdin, Hazel Capital and Kleiner Perkins Caufield & Byers.
Image courtesy of Think Global.