This is an updated version of the story that first appeared on TheDetroitBureau.com on 6/22/11
Long-struggling electric vehicle maker Think Global has filed for bankruptcy – again – following the breakdown of its relationship with U.S. battery maker Ener1.
The Norwegian-based automaker had been hoping to turn its fortunes around with the launch of a new version of its little Think City battery car. It is unclear whether the latest setback will end the company’s quixotic quest to be a major player in the global electric vehicle industry — but initial indications suggest it will be difficult to pull through the current crisis, which marks its third time in receivership in just a decade.
The latest setback resulted from Ener1’s decision to sever its four-year relationship with Think, for whom it served as both supplier of lithium-ion batteries and a key investor following the automaker’s emergence from its previous bankruptcy. But Ener1 management determined their investment was “impaired,” and sought to find a way to recover as much as possible, it appears.