Oslo, Norway – Electric car company Think has been purchased by an international technology entrepreneur following its bankruptcy last month, the company announced. It is the third time the Norwegian electric automaker has filed for bankruptcy.
Russian-based Boris Zingarevich submitted the winning bid and was selected by a court-appointed trustee. Zingarevich has signed a memorandum of understanding with American lithium-ion battery company Ener1 and Finnish automotive engineering and manufacturing company Valmet Automotive to cooperate in relaunching Think.
“Having achieved the position of one of the world’s most highly regarded electric vehicle products, the Think brand is a valuable asset that deserves to continue its key role in the global shift to electrification,” Zingarevich said. “With the potential of working with the leading American automotive lithium-ion battery maker and Europe’s top automobile engineering and manufacturing company, I believe we could have exactly the right combination and value chain to ensure that the brand will be increasingly competitive in the worldwide electric vehicle market.”
Zingarevich also acquired the assets of wholly-owned subsidiaries Think North America and Think UK. Ener1 and Valmet were the senior secured creditors of Think when the company filed for bankruptcy after failing to raise adequate capital to continue financing operations. Zingarevich has been a major investor in Ener1 since 2002 and provided bridge funding for Think while the company attempted a reorganization before filing for bankruptcy.
Think will be marketed through a new company called Electric Mobility Solutions AS, which is registered in Norway. Production restart, with a refined version of the Think City, is scheduled to begin in the first quarter of 2012. Think has a 20-year history and markets in several countries.