Think goes Dutch

Oslo, Norway's electric car maker Think Global announced today it has begun selling electric vehicles in the Netherlands through ElmoNet, a subsidiary of Mobility Service Netherlands.

The memorandum of understanding calls for Think to deliver 500 Th!nk City vehicles in 2009. Think initially sold the Th!nk City solely in Norway but says it plans to roll out the vehicle in "EV-friendly cities" starting this year. 

Think highlighted Amsterdam and Rotterdam as two cities that have expressed interest in the car, which can reach 65 miles per hour and travel up to 112 miles on a charge. The Norwegian factory has a production capacity of 16,000 cars per year.  

See the Th!nk City in Amsterdam here »

The Dutch government has been supportive of electric vehicles, with Minister of Transport Camiel Eurlings creating a €10 million fund to support their widespread introduction. 

"Government support is creating an important basis for the first larger-scale fleet applications," Think Sales Director Richard Waitz said in a release. "Think is moving quickly to take advantage of these programs in the Netherlands and all across Europe."

Think is also making strides in North America, with CEO Richard Canny saying last week that the U.S. is quickly overtaking Europe as an attractive market for EVs (see Think says U.S. electric car market is overtaking Europe).

Think announced it's choosing between eight U.S. states, including Michigan, as the site for its first American factory for full speed electric cars. The plant is expected to initially produce 16,000 Think City vehicles a year and employ 300 workers, but the automaker noted that it hopes to ramp to 60,000 vehicles and 900 workers.

U.S. production is slated for 2010, with about 2,500 cars to be produced that year (see Think delays U.S. expansion plans to mid-2010).

Think Global has raised more than $85 million from Kleiner Perkins Caufield & Byers, DFJ Element, Rockport Capital Partners, British Hazel Capital and CG Capital (see China clean coal IPO). 

The company has rebounded from money problems that forced it to halt production and layoff employees in December. The credit crunch made it hard to raise capital and parts suppliers were demanding upfront payments. Think announced plans to lay off more than half its 250 employees if a funding source wasn't secured by mid-January, estimating it needed about 80 million kroner ($40 million) from the government in the form of loan guarantees, credit or capital (see Think halts electric car production, plans layoffs). 

In January, Think secured interim financing of NOK 40 million ($5.7 million) to restructure the company, which could allow it to raise permanent equity capital and return to volume production of the Think City vehicle (see Think secures interim financing to restart EV production). A week later, the company began recalling employees affected by the layoff.