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Battery Maker Think Gets New Start

Bankrupt brand finds new owner.

by on Jul.25, 2011

Think will be reborn as Electric Mobility Solutions.

Bankrupt battery car maker Think Global could get a second – make that fourth – chance, a Russian investor getting court approval to re-launch the brand, which went belly-up last month.

The new owners plan to rename the long-troubled company Electric Mobility Solutions AS but will continue to operate it out of Norway – with subsidiaries in both the U.S. and United Kingdom.  Those operations continued even while the Norwegian parent faced the possibility of a court-ordered break-up.

“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,” Russian investor Boris Zingarevich said in a statement.

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“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,” he added.


Think Files for Bankruptcy – Again

Maker hoping to survive latest setback.

by on Jun.23, 2011

The Think City has fallen short of sales goals.

This is an updated version of the story that first appeared on 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.

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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.