On 5th March, 2008, Think announced its’ most recent investment deal. The announcement made it clear that Think was going to receive a huge funding worth $4 million (approx.) from GE Energy Financial Services, the venture capital group of GE.
Think announced its business deal on 5th March 2008. The announcement unveiled the fact that Think was going to receive an investment worth $4 million (approx.) from GE (General Electric).
Details of the Deal
GE revealed that, it made this investment deal with Think in order to support the global electrification of transportation.
Think is a leading manufacturer of electric cars. So, by investing in Think, GE can easily promote the electrification of transportation.
Both the companies expected that, this $4 million investment would make electric transportation more affordable through use of lithium-ion batteries and commercialization of technology.
At the 78th International Motor Show at Geneva, Think declared its’ investment relationship with GE. In the same occasion, Think introduced a concept of larger but lighter electric vehicle and also launched Think City, a plug-in electric car, which carries over 100 miles range.
On the other hand, GE declared about its’ investment, at the International Renewable Energy Conference in Washington. The investment in Think, was actually made by GE Energy Financial Services, which is the venture capital group of GE. It can be mentioned here, that this venture capital segment of GE has invested almost $100 million in total 12 companies in a short period of 18 months.
In respect of this investment deal, Jan-Olaf Williams, CEO of Think stated that, many new opportunities would develop from its’ new investment relationship with GE and this relationship would help Think to carry out mass production of highway-approved electric cars.