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March 6, 2008 – Vol. 12 No. 50 GE Invests in Think Global and A123Systems to Commercialize Electric Car. The Norwegian electric car manufacturer Think has also unveiled an electric five-seat crossover concept car. To power its vehicles, Think has signed a commercial supply agreement with lithium-ion battery manufacturer A123Systems and has begun marketing the Th!nk City the first highway-approved electric car in mass production. GE Energy Financial Services invested $20 million in A123Systems and $4 million in Think Global, the Norwegian holding company that makes the electric cars. The investments puts the company in a unique position to help both companies commercialize technology to make electric transportation practical and affordable. 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. Mark Little, Senior Vice President and Director of GE Global Research said, “Our researchers are improving energy storage and conversion technology as the key enabler of our founder Thomas Edison’s vision of electricity as a viable propulsion system for vehicles, ranging from automobiles to industrial vehicles and locomotives.” A123Systems’ President and CEO David Vieau commented, “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. Our newest collaboration with Think helps us achieve the large-scale production of batteries and integrate them into commercially available electric vehicles.”
Think’s all-electric five-seat crossover concept car, Th!nk Ox, is close to the size of a sport utility vehicle but lighter and more aerodynamic. The Th!nk City, a plug-in electric car with over 100 miles range, is now in production at the company’s factory in Norway. Deliveries of the first cars will be in Norway, with international sales to follow later in the year. The capacity of its first assembly plant in Aurskog, outside Oslo, is presently being increased to 10,000 cars per year. GE Global Research was the first industrial research lab in the United States and is one of the world's most diversified research centers, providing innovative technology for all of GE's businesses. GE Energy Financial Services, based in Stamford, Connecticut, invests more than US $5 billion annually in two of the world’s most capital-intensive industries, energy and water. 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. A123Systems is one of the world’s leading suppliers of high-power lithium ion batteries.(3/4/08)
Links: GE Global Research GE Energy Financial Services Think A123Systems
Related: GE Global Research Announces $6.8 Million in Funding to Advance Plug-in Hybrid Electric Vehicles. Enova to Provide Power Control Units for Th!nk City Electric Vehicle.
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