Think Technology announces $47 million equity investment

Think Technology AS, a manufacturer of electric vehicles, has agreed to raise $47 million through an equity investment from venture fund Investinor, Ener1, Inc., and Valmet Automotive, Inc. Both Think Technology and Investinor are based in Norway.

Ener1 is a US-based holding company of automotive battery systems manufacturer EnerDel, while Valmet Automotive is a Finland-based provider of engineering and manufacturing services to automotive industry.

Following the investment, Ener1 will hold approximately 31% stake in Think Technology. The transaction is expected to close by the next week.

Deal Value (US$ Million) 47
Deal Type                Private Equity
Sub-Category             None
Deal Status              Announced: 2009-08-27

Deal Participants

Target (Company)     Think Technology AS
Acquirer 1 (Company) Ener1, Inc.
Acquirer 2 (Company) Valmet Automotive, Inc.

Deal Rationale

The investment would allow Think Technology to reduce debt and to expand its business of producing and marketing of its electric cars.

Related terms: automotive, business, debt, engineering, equity, finland, investment, manufacturer, manufacturing, marketing, norway, Private Equity, technology