The Norwegian company, which plans to produce a line of all-electric sedans, produced its first car last week, said company President Jan-Olaf Willums.

It’s got money too. Last Friday, the company began to seek venture funds. It got commitments for $50 million in funding and accepted $25 million, he said. Later in the spring it will try to raise an additional $50 million.

The TH!NK electric cars will first be sold in Norway and England in the fall of 2007 and then come to the U.S. in 2008. Willums was a little vague on the pricing. Consumers would buy the cars and also pay a monthly fee to lease the battery from Think Nordic. The electric car company is leasing the battery as a way to provide more security to buyers. If a battery fails, the company will take it back.

The company will also team up with insurance companies to sell policies directly to its customers.

It’s got money too. Last Friday, the company began to seek venture funds. It got commitments for $50 million in funding and accepted $25 million, he said. Later in the spring it will try to raise an additional $50 million.

The TH!NK Electric cars will first be sold in Norway and England in the fall of 2007 and then come to the U.S. in 2008. Willums was a little vague on the pricing. Consumers would buy the cars and also pay a monthly fee to lease the battery from Think Nordic. The company is leasing the battery as a way to provide more security to buyers. If a battery fails, the company will take it back.

The company will also team up with insurance companies to sell policies directly to its customers.