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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (10477)	5/11/2010 10:25:08 AM
From: T L Comiskey	Respond to of 24231

Those Sneaky Vikings.... FRANKFURT (Dow Jones)-- Electric car maker THINK said Tuesday it completed a $40 million equity increase to help fund both vehicle development and planned expansion in North America, and expects to create positive cashflow in 2011. In a statement, the Norwegian-based company said following the closing of the transaction it will foster the development of right-hand-drive cars for markets such as Japan and the U.K. U.S.-based Rockport Capital and Ener1 Inc. (HEV) participated in the capital increase, according to the statement. "There were others apart from Ener1 and Rockport Capital, but the size and origin of these investments is undisclosed. All we can say is that all THINK shareholders participated in this equity round," a spokesman for THINK said. THINK plans to start production at its U.S. plant in Elkhart, In., during the first quarter 2011. It plans to start selling vehicles in the U.S. this year, with the first cars sold to American customers to be built in Finland until production in Indiana is ramped up next year. Ford Motor Co. (F) invested $150 million in THINK during its four years of ownership, according to the THINK website, but sold the operations in 2003 as part of a wider overhaul. In 2006, Norwegian investors took over the firm. Company website: www.thinkev.com -By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com