GE (NYSE: GE – News) announced today that it is investing in Norwegian electric car manufacturer Think, and its lithium-ion battery manufacturer A123Systems.
GE invested $4 million in the electric car maker, which unveiled a five-seat crossover concept car in Geneva today, as well as a smaller vehicle for urban use.
Massachusetts-based A123Systems, which has signed a battery supply agreement with Think, will receive more than $20 million from GE.
The crossover TH!NK Ox is an electric five-seat car close to the size of a sport utility vehicle but lighter and more aerodynamic, the car maker said. TH!NK City is a plug-in electric car with over 100 miles range.
Think is delivering its first cars in Norway, with international sales to follow later in the year.
GE is now A123’s largest cash investor, and the battery maker will draw on the research and technology development expertise of GE Global Research in Niskayuna, New York.
The investments were made by GE Energy Financial Services’ recently expanded seven-member venture capital group. That group has invested nearly US $100 million in 12 companies during the last 18 months.
About Think
Think designs, develops, manufactures and markets environmentally friendly vehicles and technologies. The company has more than 17 years of experience in developing and producing electric vehicles. Today, 1,200 TH!NKs are driving on Norwegian roads. The new TH!NK City is a fifth-generation electric vehicle assembled in Norway.
About A123Systems
A123Systems is one of the world’s leading suppliers of high-power lithium ion batteries. Founded in 2001 and headquartered in Massachusetts, A123Systems’ proprietary Nanophosphate technology is built on initial developments from the Massachusetts Institute of Technology. A123Systems’ Advanced Research & Government Solutions Division in Ann Arbor, Michigan is nationally recognized for new materials development and cutting-edge research. For additional information visit www.a123systems.com.
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