Electric economy car rolls off the line: that was the promise behind TH!NK’s reported production and financing milestone in 2007. The Norwegian company was pursuing a wider market for battery-powered cars. Meanwhile, its proposed ownership model separated the car purchase from the battery lease.
Editor’s note: This historical summary preserves the original CNET source credit. Funding figures, sales dates, and lease terms describe the company’s 2007 plans, rather than current offers. This update removes duplicated passages.
Electric Economy Car Rolls Out with New Funding
According to the original report, company president Jan-Olaf Willums said the company had produced a car. He also reported $50 million in funding commitments, of which the company accepted $25 million. In addition, the business planned to seek another $50 million later that spring.
Those figures describe different stages of financing. Therefore, readers should keep commitments, accepted funding, and a planned future fundraising round separate. The report did not say that all this money had already arrived.
A Proposed Battery-Leasing Model
The report described plans to sell cars first in Norway and England in fall 2007, followed by the United States in 2008. However, these were announced ambitions, not a record of completed deliveries.
Under the proposed arrangement, customers would buy the vehicle and pay a monthly battery-lease fee. The company said it would take back a failed battery. Meanwhile, pricing remained uncertain, and it also planned partnerships to offer insurance directly to customers. Consequently, readers should treat these terms as historical proposals.
Place the Announcement in Context
Battery-electric vehicles use stored electricity to power their motors. The Department of Energy’s vehicle overview explains how they differ from plug-in hybrids. That distinction helps clarify what this early electric-car announcement described.
For related history, explore the NYPA/TH!NK Clean Commute program. A broader research study of TH!NK City development provides another historical reference.
A Milestone, with the Dates Kept Clear
Ultimately, this story captures the financing and ownership ideas surrounding an early EV business. It belongs alongside the renewed interest in electric cars in 2007. Keeping the original dates and attributed claims visible makes the report useful without presenting old plans as current buying advice.
Original source: CNET, “Electric economy car rolls off line; company gets $25 million.”
