Published in: 2011 - A Review of Cleantech Equity Deals, January 2012
2011 saw follow-on funding for electric vehicle manufacturers including Tesla Motors (following on from its IPO in 2010), Fisker Automotive and CODA Automotive as they approach volume production.
However, some manufacturers were less fortunate. Think Global filed for bankruptcy in June - for the third time in its history. Think’s assets were acquired by Russian investor Boris Zingarevich, but the company’s collapse had already impacted its major shareholder, battery manufacturer Ener1 which was subsequently forced to file for bankruptcy in early 2012.
Aptera Motors, meanwhile, had failed to raise capital to enter production and closed down in December.
The failures of Think and Aptera followed the collapse at the start of 2011 of UK electric van manufacturer, Modec. Elsewhere, however, electric drivetrain technology attracted funding, with Mission Motors securing funding from Warburg Pincus and GKN taking a stake in EVO Electric.