Find or Sell any Parts for Your Vehicle in USA

Russian tech entrepreneur buys EV maker Think

Mon, 25 Jul 2011

Norwegian electric-car maker Think Global AS, which filed for bankruptcy in June, has reportedly been bought out by a global technology entrepreneur.

New owner Boris Zingarevich currently runs investment operations based in St. Petersburg, Russia.

For his latest investment, Zingarevich will be teaming up with American lithium-ion-battery maker Ener1 and Finnish manufacturer Valmet Automotive to relaunch the Think brand.

Zingarevich has been investing in Ener1 since 2002, and provided funding for Think while the company tried to reorganize before filing for bankruptcy.

“The Think brand is a valuable asset that deserves to continue its key role in the global shift to electrification,” Zingarevich said.

Ener1 and Valmet are negotiating stakes in Think based on debt restructuring. The new company that will market Think brand products as Electric Mobility Solutions AS, based out of Norway.

The production restart, with a new version of the Think City two-seater, is scheduled to launch in the first quarter of 2012.

By Michelle Koueiter