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Electric Vehicle Maker THINK™
Resets for a New Start
OSLO, Norway - THINK Global AS, a
leading manufacturer of pure electric cars, has been purchased
by a prominent international technology entrepreneur who is
committed to maintaining the company's key role in global
transportation electrification.
A court-appointed trustee selected
Mr. 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, Mr. 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 relaunching 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 specialized
investment banking and services company.
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