23 Jun '11, 9pm

Think Declares Bankruptcy in Long Running EV Saga: Think has run out of money. Again. But this time it mig...

But this time it might be for good. The Norwegian company, which has created a two-seater electric car, has filed for bankruptcy in Norway. Ener1, the battery maker that invested in Think, presaged the filing when it said in its own SEC filing earlier this week that Think was liquidating because it could not find adequate capital to continue operations. Ener1 will take a $35.4 million charge on its investment in Think and said it didn't expect much from the liquidation. Think's bankruptcy highlights once again the challenges facing startups trying to break into the automotive market. The business takes massive amounts of capital, but companies also have to budget ample time for safety and reliability testing. Establishing a dealer channel can take years as well. Aptera, VentureOne (a three-wheeled vehicle) and Venture Vehicles have all stumbled in their efforts to bring a ...

Full article: http://www.greentechmedia.com/articles/read/think-declare...

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