Russian investor Boris Zingarevich, whose operations are based in St Petersburg, has acquired the insolvent Norwegian EV manufacturer THINK Global AS.
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.