Itochu and THINK Holdings AS, Norwegian Electric Vehicle Manufacturer, Agree to Business Tie-up

Tokyo, July 22, 2010; Itochu Corporation recently concluded an agreement to enter into a capital and business alliance with THINK Holdings AS, a Norwegian manufacturer dedicated to electric vehicles (EVs). Under the agreement, ITOCHU will be investing THINK at the same time as acquiring the right to sell EVs and Drive Systems designed and manufactured by THINK in Japan and other Asian markets.

THINK has been developing and manufacturing EVs since 1991, and became the first EV manufacturer to obtain a model approval in Europe in 2009. The company has an impressive track record, manufacturing and selling more than 9,000 EVs, mainly in Europe and North America.

It has established a new production base in Indiana, the United States, and plans to attain global annual sales of 22,000 EVs in 2012. The company is also one of the few manufacturers in the world to sell Drive Systems for EVs to outside parties.

THINK has also adopted the lithium-ion battery systems of EnerDel, a 100% subsidiary of Enerl of the United States and another company in which ITOCHU has taken an equity stake. Enerl is also a major shareholder of THINK.

Through the tie-up, ITOCHU is acquiring exclusive sales right in the Japanese market and priority sales rights in other Asian markets for EVs developed, designed and manufactured by THINK, and exclusive sales right in the Japanese market and priority sales rights in other Asian markets for the Drive Systems for EVs developed, designed and manufactured by THINK.

ITOCHU has equipped EVs (basic model: Demio by Mazda) with the Drive System of THINK and lithium-ion batteries of EnerDel in the Green Crossover Project (a joint low carbon transportation system demonstration using clean energy) being implemented in Tsukuba City since May 2010.

ITOCHU will also begin to propose packages featuring the Drive System of THINK and the lithium-ion batteries of EnerDel, to domestic and overseas EV markets where demand is expected to grow significantly.

Meanwhile, ITOCHU will work closely with automobile manufacturers and others, to fully harness the technologies and know-how accumulated by THINK as a dedicated EV manufacturer.