The assets of wholly-owned subsidiaries THINK North America and THINK UK, which remained going concerns during the bankruptcy proceeding for THINK Global, were also acquired in the transaction.

Mr. Zingarevich has signed an MOU with THINK investor and battery supplier Ener1 and with THINK’s Finnish contract assembler Valmet Automotive to cooperate in re-launching the brand.

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 has been a major investor in Ener1 since 2002 and provided bridge funding for THINK while the company attempted a re-organisation 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.

Ener1, the US lithium-ion battery producer which led a capital increase of Think last year, said that it planned to take a charge on its earnings worth about $35m relating to loans receivable from the company.

This is the fourth time Think has collapsed financially in its 20-year history.

“We needed some additional funding and although we had interested investors they were not able to come to table quickly enough. The options for Think are either a liquidation of its assets or the sale of the company to a new investor,” Think spokesman James Andrews told Automotive News Europe.

Production of Think’s only vehicle, the Think CityEV, ceased in March, at which time the company claimed it was rebalancing its inventory. Think sold 1,043 units of its City electric vehicle in 2010.

Think Global opened its Elkhart factory last year with hopes of producing 2,500 Think City EVs per year initially and employing 415 people by 2013.

Ford bought the company in 1999 in response to California’s mandate requiring carmakers to develop zero-emission vehicles and it was owned by the Detroit giant until January 2003.

The Norwegian electric car maker almost died during the global financial crisis but the company found new investors and restarted production in late 2009.

The 101 Chevrolet Volts, 10 Nissan Leafs and five Think City EVs will be leased to 20 agencies, including the Energy Department, the Treasury Department and the Navy, in five cities— Detroit, Washington, D.C., San Diego, San Francisco and Los Angeles.

The government is expected to install about 100 charging stations at federal buildings in California, Washington, D.C., and Michigan.

The purchases are part of a pilot project aimed at advancing President Obama’s goal of having 1 million EVs on the road by 2015.

The government, which negotiates car-purchase prices, is paying $38,500 for each Volt, $33,000 for the Leaf, and about $32,500 for the Think City cars, according to the GSA. While that’s lower than the Volt’s $41,000 suggested retail price, federal agencies don’t qualify for a $7,500 tax credit for plug-in cars bought by individuals.

The purchases are expected to cut gas usage by almost 29,000 gallons annually, saving taxpayers an estimated $116,000 and reducing greenhouse gas emissions by 257 metric tons, said GSA administrator Martha Johnson.

The government operates more than 600,000 fleet vehicles.

Last year, the government purchased 23,000 more fuel-efficient vehicles for the federal fleet, including almost 9,000 hybrid-electric cars.

Their cars were among 17 THINK City electric cars delivered to utility fleet customers and employees in Indiana. Duke Energy in Plainfield, Ind. received 10 electric THINK City cars, and the remainder were delivered to Indianapolis Power & Light for company fleet use.

Establishing residual values for batteries is an important industry issue, because batteries contribute significantly to the overall cost of electric vehicles.  When advanced Lithium-ion batteries are no longer fit for automotive use, they still may be able to store 70 – 80 percent of their original energy capacity making them useful for grid applications such as back-up energy storage.

THINK is working with Duke, IPL and the Energy Systems Network (ESN) to collect data on the deployment and use of electric cars as part of Project Plug-IN.

THINK has contracted with Tom Wood Automotive in Indianapolis to support the sale and service of THINK City electric cars in the metropolitan area.

By early 2011, Project Plug-IN will place 100 or more electric vehicles and supporting charging infrastructure with government and corporate fleets, as well as selected individual commuters, across the Indianapolis metropolitan area.

The latest generation City EV comes complete with the THINK G4 EV DRIVE CONTROLLER – the heart of THINK technology.  THINK G4 is the fourth generation proprietary power electronics system underpinning the THINK City EV.

It is the most advanced EV system commercially available anywhere in the world, offering key benefits such as enhanced technical safety, improved real world range, efficiency gains and improved functionality and flexibility.

The latest generation THINK City EV now features air-conditioning as standard.

With the additional reassurance of a 100,000 km (60,000 miles) or a five-year warranty (whichever occurs first) on both the car and the battery, there has never been a better time to enter the new and exciting world of EVs.

The THINK City is the world’s first EV to be granted pan-European regulatory safety approval and is homologated for sale as a passenger car across the continent.  It is a zero emissions pure battery EV, built on a dedicated lightweight platform and designed as a modern urban car.

It can travel at highway speeds of up to 110 km/h (68 mph) and cover up to 160 kilometers (100 miles) on a single charge with zero local emissions.

The approval paves the way for THINK to sell the all-electric THINK City in California, 12 other states and the District of Columbia that have adopted California’s ZEV requirements.

“CARB certification is critical for fleet sales, not just in California, but in the other CARB states as well,” said THINK spokesperson Brendan Prebo.  “These states make up more than 35 percent of the automobile market in the U.S. and represent a significant share of the fleet market.”

Designed for fleet applications and urban commuters, the THINK City is durable, highly maneuverable and fun to drive.  The THINK City has a range of 100 miles, which meets CARB’s Type II ZEV Tier requirements, and uses an advanced lithium-ion battery developed by Ener1.

THINK will begin delivering vehicles to fleet customers soon.  THINK plans to roll out retail distribution in select cities in the second half of 2011.  The retail distribution timeline coincides with the company’s plans to expand production at its Elkhart, Ind. manufacturing facility.  The company also builds the THINK City in Finland for sale in Europe, where the car has been highway-certified since 1999.

Think North America spokesman Brendan Prebo told The Elkhart Truth that the company plans to roll out 300 electric cars from the plant before the end of the year. The company originally planned to start making cars at the Elkhart factory in early 2011.

The newspaper reported that 220 of the small cars, colored red, blue or black, are aligned on the factory floor in neat rows and are in various stages of completion. Construction of the cars begins at a plant in Finland. Workers in Elkhart install the lithium-ion battery, the motor and gearbox, the seats, headlights and other components.

The Norwegian company plans to sell between 2,000 to 3,000 of the City electric vehicles in three to five stores, most likely to be located in Southern California, the San Francisco Bay Area, New York City, Washington, DC and Indianapolis, near the car’s U.S. assembly plant.

Reflecting what the company says is “recent promotions and the introduction of air-conditioning as standard to the THINK City – the world’s best selling electric car,” it has been selected as electric car partner by Madrid City Council for a new city maintenance service.

The new scheme launched by Madrid City Council is called ‘Madrid Avisa!’ – whereby the city’s residents contact the service should they require council maintenance services. Madrid Avisa’s 72hrs rapid response commitment is delivered using zero emissions vehicles, with a fleet of THINK City EVs and electric scooters.

One of Europe’s largest electricity suppliers, Iberdrola has also recently taken delivery of its first fleet of THINK City EVs, to be used as courier cars in Madrid, Valencia and Bilbao.  The company has committed to replace 40% of its total internal combustion engine fleet.

In addition, Spain’s newest and most forward-looking car-share company, Cochele, has purchased several new THINK City EVs, which will be used to launch the innovative new scheme.  Introduced in Seville initially, the new service offers residents and visitors to the city the use of a THINK City for zero-emissions trips around the Andalucian capital.

THINK has also reported that both ING Car Lease and Zardoya Otis have just taken delivery of their first demonstrator THINK City models for initial tests in Madrid, with a view to rolling out the use of EVs across the country in the coming months.

The 2,500th THINK City came off the assembly line Valmet production facility in Finland.

THINK engineers estimate that the City has accumulated 35 million zero-emissions road miles to date. The company has begun preparations to build the sturdy and reliable two-seat commuter at a plant in the American heartland in Elkhart, Indiana and plans to launch fleet and retail sales in December.

THINK has been a unique innovator in pure electric vehicle and power-train technology for nearly twenty years, positioning the company as a world-leader in producing cars on a dedicated electric platform. The City can maintain speeds of 70 miles per hour and travel up to 100 miles on a single charge.

The THINK City model is currently in its second production version.  A third version is scheduled to be produced in the U.S. and come on the market in late 2012. The new facility will be in addition to THINK’s current manufacturing capability in Finland, where it has contracted with Valmet to build the THINK City for European market.

First deliveries of the THINK City EV in Finland will be to green delivery pioneers A2B, through a new THINK dealership in Helsinki.  Further full-service dealerships will be opened in the coming months in other Finnish cities such as Turku, Tampere, Lahti, Jyväskylä and Oulu.

The THINK City EV has been introduced alongside production partner Valmet Automotive.

Finland is the latest location for the THINK City with customer deliveries already taking place in the Netherlands, Spain, France, Austria, Switzerland and Norway.

THINK recently announced plans for a North American manufacturing facility in Elkhart, Indiana, where the company will build the THINK City beginning early in 2011.  The new facility will be in addition to THINK’s current manufacturing capability in Finland, where it has contracted with Valmet to build the THINK City.

THINK is also working with Japanese partner Itochu on developing operations in Asia.