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General Electric spends $24m with Think cars, li-ion company

tyres.jpgZing! While we were getting all distracted about CeBIT and watching Germany like a dog watches its owner eat a beef sandwich, but instead Geneva is where it’s at and the Motor Show has turned into a great big swirling pot of hot news. And here is that news comet: General Electric has decided to get out its wallet and redistribute the contents to electric car maker Think.

Think also came out with a new concept car at the Show, called the TH!NK Ox, and released the Th!nk City car to the market too.

And there’s even more. Moooooore! Here it is.

Think has signed a commercial supply agreement with lithium-ion battery manufacturer A123Systems […]GE announced its electric transportation investments at the Washington International Renewable Energy Conference. The commercial supply agreement with A123Systems provides Think with patented Nanophosphate™ lithium-ion batteries for the TH!NK City, now in production at the company’s factory in Norway. Think is delivering its first cars in Norway, with international sales to follow later in the year.
A123 is now drawing on the research and technology development expertise of GE Global Research in Niskayuna, New York. The joint research will support A123’s battery development, including batteries for Think’s vehicles.

GE Energy Financial Services announced it has invested in A123Systems to help the company roll out batteries for Think. GE is now A123’s largest cash investor, having put more than US $20 million into the company. In addition, GE disclosed it has invested US $4 million in Think Global, the Norwegian holding company that makes the electric cars. The investments were made by GE Energy Financial Services’ recently expanded seven-member venture capital group — with offices in Stamford, CT, San Francisco, and Munich, Germany. That group has invested nearly US $100 million in 12 companies during the last 18 months.

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