Electric car maker Think has been saved from the scrapheap by a Russian industrialist and entrepreneur Boris G Zingarevich.
Mr Zingarevrich became the winning bidder for the bankrupt EV manufacturer after the Norwegian firm entered administration. A court-appointed trustee of the firm awarded Zingarevich ownership of the firm last week, so that the Russian businessman can work to re-launch the company.
Now Think’s ownership will transfer to Electric Mobility Solutions AS, but will continue to trade under the Think name, with its first model Think City due to start production in the first quarter of 2012.
Mr Zingarevich, who specialises in investments into electronics and power storage, is already the principle investor advanced lithium-ion battery maker Ener1, Inc. He has signed a memorandum of understanding with the US firm maker and Finnish automobile company Valmet Automotive, Inc. to cooperate in launching 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,” said Mr. 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.”
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. Financial advisory services were provided by LATUM, a specialised investment banking and services company.
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.
