THINK applauds introduction of bipartisan EV bills

If passed by the House and the Senate, the Electric Vehicle Deployment Act of 2010 would extend incentives to consumers to buy electric vehicles, provide grants to selected communities to demonstrate widespread deployment of electric vehicles, and provide for additional measures that would support the research, development, deployment, and manufacturing of electric vehicles, charging infrastructure and related technologies.

“The Electric Vehicle Deployment Act is a significant step toward electrifying cars and trucks in the U.S. and reducing dependence on oil,” said THINK CEO Richard Canny. “As shown by the BP spill off the coast of Louisiana, dependence on oil carries massive economic and environmental costs that are unaccounted for until something catastrophic happens.”

“This bipartisan legislation moves the U.S. forward in the global race for sustainability,” continued Canny. “By accelerating the deployment of electric cars and charging infrastructure, the U.S. can take a major step away from oil dependence. Clean electric drive vehicle technology is available right now and is ready for commercial deployment in the U.S.”

Highlights of the Electric Drive Vehicle Deployment Act include:

· Competitive awards of up to $800 million for communities around the country to deploy electric vehicles and related charging infrastructure

· Tax credits for up to $2,000 for consumer purchases of EV chargers and up to $50,000 for businesses for installing multiple chargers

· Increase of existing rebates for the purchase of electric drive vehicles up to $10,000

· Up to $1.5 billion for battery research aimed at lowering the cost of electric vehicle batteries

About THINK:

THINK is a pioneer in electric vehicles and a leader in electric vehicle technology, developed and proven over 19 years. It is one of the few companies that are currently producing highway-ready, fully electric vehicles for sale – the THINK City. THINK is also a leader in electric drive-system technology, and was the first to offer a modular and flexible EV drive-train solution in the business-to-business sector. With its Scandinavian origins and sustainability mindset, THINK is one of the most carbon efficient car companies in the world.

THINK has established a U.S. subsidiary – THINK North America, a stand-alone business that will include manufacturing, product development, sales and distribution. The company has an active application before the U.S. Energy Department under the $25-billion Advanced Technology Vehicle Manufacturing loan program designed to spur development of more fuel efficient vehicles, including pure electric and hybrid electric vehicles.

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