New owner for bankrupt electric car manufacturer THINKJuly 27, 2011
Electric car manufacturer THINK recently went into bankruptcy, but it has now been bought by a Russian entrepreneur.
The assets of wholly owned subsidiaries THINK North America and THINK UK, which have remained going concerns during the bankruptcy proceeding for THINK Global, were also acquired in the transaction.
Boris Zingarevich was the winning bidder following a bankruptcy proceeding initiated by the Norwegian carmaker last month.
Mr. Zingarevich has also signed a memorandum of understanding with American advanced lithium-ion battery maker Ener1, Inc. and Finnish automobile engineering and manufacturing concern Valmet Automotive, Inc. to cooperate in relaunching THINK.
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. Ener1 and Valmet are negotiating stakes in the new company on the basis of a debt restructuring.
Mr. Zingarevich has been a major investor in Ener1 since 2002 and provided bridge funding for THINK while the company attempted a reorganisation before filing for bankruptcy.
The name of the new company that will market THINK brand products is Electric Mobility Solutions AS, registered in Norway. A new sales and service structure for THINK will be announced soon. The production restart, with a refined version of the THINK City, is scheduled to begin in the first quarter of 2012.
Over its 20-year history, THINK achieved the status of the leading dedicated electric vehicle maker in the world. The THINK City has accumulated more than 48 million km of road experience in the several countries where it has been marketed. The current model has a range of 160 km on a single charge.
The EV Cup , in which Lord Paul Drayson was involved, was planning to race the electric THINK.