Tag Archives: think city

Ener1 (HEV) Helps Rescue Think City Electric Car Company From Bankruptcy

Think City just announced that it has received a $5.69 million bridge loan from investors, saving it (at least for now) from bankruptcy. Not surprisingly, the majority of the money is coming from Ener1.

Ener1 has a $70 million battery supply contract with the troubled electric car company. Will the financing help? Reuters quotes a written statement from Think:

"The financing will allow Think to focus its efforts towards the next stages of the restructuring

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Ener1 (HEV) Narrows Loss, Approaches Commercial Launch of EnerDel Battery

Ener1 (HEV), a development stage company in the business of lithium-ion batteries for plugin hybrid autos reported a narrow loss than in the year ago quarter with an EPS of -.08, compared to -.16.  Revenues nearly doubled over the year ago quarter to $39K.

Some highlights from the quarter:

– received a purchase order to deliver 2 prototype plug-in hybrid lithium-ion battery packs in Feb 09 to a major European auto maker.  HEV will also … Read the rest