Press Release
Lithium-Ion Battery Leader Ener1 Takes Stake in Electric Vehicle Maker Think Global
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Deal Includes Long-Term Supply Agreement and Strategic Collaboration on Integrated Electric Drivetrain Systems
NEW YORK, Aug. 27 /PRNewswire-FirstCall/ -- Ener1, Inc. (Nasdaq: HEV) will take the lead among a group of investors that plans to inject $47 million of equity funding into Think Global AS, the Norwegian electric vehicle producer. Ener1, Inc. is the parent company of EnerDel, a leading manufacturer of advanced lithium-ion automotive battery systems based in Indianapolis and an existing supplier to Think.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO )
Ener1, Inc. has agreed 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% 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.
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