Tesla Energy Group Signs Agreement with Think

Tesla Energy Group, a division of Tesla Motors in San Carlos, California, signed an agreement to supply Think Global with lithium-ion battery packs for their “TH!NK city” electric cars. The agreement covers the development and delivery of battery packs starting in December 2007 and continuing through 2008. The agreement represents up to $43 million in revenues with $3 million expected to be realized in 2007 and the remainder in 2008.

Tesla Energy Group was formed in December 2006 to develop and market custom-designed battery packs for customers in a wide range of industries, using Tesla’s patent pending technology for the development of high-power, high-capacity battery packs with superior performance and safety characteristics. Tesla Motors created Tesla Energy Group in response to demand from outside companies for advanced lithium-ion battery pack technology for automotive and other industrial use.