Norway’s once bankrupt automobile manufacturer Think Global AS is back, yet again, from the verse of collapse, this time from Russian entrepreneur Boris G. Zingarevich. Almost two years ago, we noted that Finnish company Valmet Automotive was trying to relaunch the company, but apparently those efforts needed additional support.
Zingarevich is bringing Ener1, an American lithium-ion battery company Zingarevich is a major investor of, and also one of the secured creditors of Think after the company filed for bankruptcy, along with him to help revitalize the electric car company.
Think Global AS will no longer be the parent company name for the business following the restructuring, however, the newly dubbed Electric Mobility Solutions AS will still be headquartered in Norway, and still has plans to release the Think City Car electric vehicle into markets within the first quarter of 2012.
The Think City is a relative small electric vehicle with a 100 mile range that is meant mostly for urban commuting, and at one point was first scheduled to be available in New York City before other regions in America, but the company’s deployment plan remains to be seen at this point.