General Electric Energy Financial Services of Stamford has invested $4 million in Norwegian electric car manufacturer Think and $20 million in the lithium-ion battery manufacturer A123Systems of Watertown, Mass.
The two companies possess the synergistic goal of commercializing technology to make electric, zero-emission transportation more practical and affordable.
“We see many important opportunities emerging from our new relationship with GE,” said Jan-Olaf Willums, CEO of Think, in a statement issued at the International Motor Show in Geneva, Switzerland. “This relationship will help Think, the manufacturer of the first highway-approved electric car in mass production, to stay at the forefront of electric vehicle technology.”
At the motor show, Think presented its investment relationship with GE and unveiled a crossover concept car and a plug-in electric car with a range of over 100 miles.
“Our work with A123 and Think taps GE’s unique combination of venture capital, engineering, process and commercial expertise to help burgeoning, next-generation technology companies bring their innovative products to market,” said Kevin Walsh, managing director and leader of renewable energy investing at GE Energy Financial Services.
The commercial supply agreement between A123Systems and Think, provides Think with patented nanophosphate lithium-ion batteries for the companies first production car the TH!NK City.
The car is now in production at the company’s factory in Norway, also the first Think market. International trade is expected later this year. There are some 1,500 Thinks being driven on Norwegian roads.
“The GE Global Research Center has been working with A123 on the development of safe and reliable battery-powered transportation, and this has allowed us to accelerate delivery of advanced battery solutions to Think.” David Vieau, president and CEO A123Systems. “Our newest collaboration with Think helps us achieve the large-scale production of batteries and integrate them into commercially available electric vehicles.”
GE is has taken part in joint research with A123, allowing it to use the GE Global Research facility in Niskayuna, N.Y.
GE is currently A123’s largest cash investor.
The GE Energy Financial Services’ recently expanded seven-member venture capital group has invested nearly US $100 million in 12 companies during the last 18 months.
GE”™s efforts to back electrification developments in the transportation sector are part of the company”™s “ecomagination initiative,” its stated commitment to meet environmental challenges while expanding its portfolio of cleaner-running products.
