Russian entrepreneur Boris G. Zingarevich, who has been the principal investor since 2002 in lithium-ion battery manufacturer Ener1, Inc., is the winning bidder for Think Global AS, following a bankruptcy proceeding initiated by the Norwegian carmaker last month. (Earlier post.)
Zingarevich also signed a memorandum of understanding with Ener1, Inc. and Finnish automobile engineering and manufacturing concern Valmet Automotive, Inc. to cooperate in relaunching Think.
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.
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 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.