Technology giant GE stepped up its interest in the emerging electric car market yesterday, announcing that it has invested $4m (£2m) in Norwegian car manufacturer Think and $20m (£10m) in battery specialist A123Systems.
The latest investment from GE's Financial Services arm makes the conglomerate the largest cash investor in Lithium-ion battery developer A123Systems and further cements the research alliance between the two firms.
GE said the investment would support the development of A123System's battery technologies, including batteries that will be supplied to Think after it signed a commercial supply agreement with A123 this week.
Kevin Walsh, managing director and leader of renewable energy investing at GE Energy Financial Services, said that the aim of both investments was to allow the two firms to tap into GE's work to improve electricity storage and accelerate the time it takes to bring their electric car technologies to market.
GE has developed a substantial presence in the electric vehicle space in recent years, including involvement in a $5.6m (£2.8m) research project with the US Energy Department to develop improved hybrid drivetrain motors for hybrid electric vehicles, and a research initiative to develop a zero emissions hybrid fuel cell bus.
The new investments were announced as Think launched its new City plug-in electric car at the International Motor Show in Geneva – which the company claims has a range of 100m between charges – and unveiled a new five-seat electric concept car close to the size of an SUV.
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