EV Maker THINK Rebooted by Russian Investor

Norwegian carmaker THINK Global filed for bankruptcy last month, a move that made uncertain what will happen to the electric vehicle manufacturer. But the mystery veil was lifted today, as a court-appointed trustee selected Boris G. Zingarevich, whose investment operations are based in St. Petersburg, Russia, as the winning bidder.

In addition, Zingarevich has 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. The assets of wholly owned subsidiaries THINK North America and THINK UK were also acquired in the transaction.

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.

"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," stated Zingarevich. "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."