Lithium-ion battery maker invests in electric vehicles

Aug. 28 -- Lithium-ion battery maker Ener1 Inc. is part of a group of planning to invest $47 million into Think Global AS, a Norwegian electric vehicle maker.

Ener1, of New York, has agreed to invest approximately $18 million and convert $3 million in addition debt for convertible preferred shares of Think. Ener1 will hold a 31% stake in Think once the investments are completed. Other investors include Investinor, a Norwegian investment company.

"Ener1 is very pleased to have the opportunity to lead this round of investment in the manufacturer of the first road-ready electric vehicle on the world market," said Ener1 CEO Charles Gassenheimer.

Ener1 also entered into a long-term battery supply agreement as part of the investment.

Contact Waste & Recycling News senior reporter Jim Johnson at 937-964-1289 or jpjohnson@crain.com