THINK Global AS has been purchased by an international technology entrepreneur who is committed to maintaining the company’s role in global transportation electrification. A court-appointed trustee selected Boris G. Zingarevich, whose investment operations are based in St. Petersburg, Russia, as the winning bidder following a bankruptcy proceeding initiated by the Norwegian carmaker last month.
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 re-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 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.
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. 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.
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.
