New Fuel Vehicles

GE is planning huge investments in the future of electric cars. The news is that the company is geared to invest $4 million in Think, a company from Norway which manufactures electric vehicles. Incidentally, Think was formerly owned by Ford for rendering assistance in the field of research and development for future products. Think Ox is the company’s latest model which runs completely on electricity and is a five seater which guarantees 125 miles of range. This investment is part of a two prong initiative totaling to $24 which GE plans to invest in the field of hybrid and electric car technology. It is obvious that Think is excited and looking ahead in this mutually beneficial relationship. In the words of Jan-Olaf Willums, CEO of Think who is eagerly looking forward to many emerging opportunities with this new relationship with GE, “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.”

Think Ox, the latest concept vehicle from the Norwegian company, was on public display at the recently-held Geneva Motor Show. With an approximate size of a small SUV, the Ox guarantees a range of 125 miles and can deliver a speed point of about 85 miles an hour. Though the production dates and price estimate was not announced, Willums mentioned that the production of a vehicle which ws similar to Ox would be ready by 2011.

If $4 million was invested in Think Ox, the balance $20 million is GE’s magnum investment to support battery manufacturer A123 Systems. Based at Watertown, Mass, this company is engaged in making high-energy lithium ion batteries which would power future hybrid vehicles, plug-in hybrids and also vehicles run on electricity. Incidentally, A123 also supplies batteries to Think.

The financial strategy of GE behind these two huge investments speak volumes of GE’s unique combination of venture capital, engineering, process and commercial expertise to help bolster the future of companies which use next-generation technology. Only such encouragement can bring innovative and futuristic products to market.