Wednesday, GE (GE), announced that GE Energy Financial Services has invested $4 million in electric car manufacturer, Think Global, and $20 million in battery manufacturer, A123Systems, to enable global electrification of transportation.
GE said that GE Energy Financial Services has invested $4 million in Think Global, the Norwegian holding company that makes the electric cars, and $20 million in A123Systems, making GE the largest cash investor in A123Systems, to help the company roll out lithium-ion batteries for Think.
GE added that A123 is drawing on the research and technology development expertise of GE Global Research for battery development, including batteries for Think's vehicles.
GE said that GE Energy Financial Services and GE Global Research are backing electrification developments in the transportation sector as part of GE's ecomagination initiative, a commitment to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.
Kevin Walsh, Managing Director of GE Energy Financial Services, observed, Our work with A123 and Think taps GE's unique combination of venture capital, engineering, process and commercial expertise to help burgeoning, next generation technology companies bring their innovative products to market.
GE closed Tuesday's regular trading session at $33.52.
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