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Electric vehicle developer Think resumes car production after approval of its debt settlement plan

28 Aug 2009

Electric vehicle developer Think has had its debt settlement plan approved by the Norwegian courts, enabling the company to exit court protection.

The company is now in a position to resume its normal operations and continue the manufacture and sale of new electric vehicles, in particular its latest TH!INK City model. The TH!NK City, with a range of 180km and 100km per hour performance, is the company’s latest generation electric vehicle and is the first vehicle of its type to be granted pan-European regulatory safety approval and CE certification.

Richard Canny, CEO of Think, said, ‘This court ruling completes the final step in our return to normal operations. It is an important day for Think, and we would like to thank our creditors and suppliers for their continued support, and to show our appreciation to Think’s very patient and loyal customers. This means we can re-start production of the TH!NK City as soon as possible.’

New investors Ener1, Valmet Automotive and Investinor have joined Think’s shareholder group which has seen capital increase to $47m. This equity transaction, expected to be closed next week, has enabled the company to return to the business of producing and selling electric vehicles.

Ener1, the parent company of EnerDel, has entered an agreement with Think to supply batteries for the company’s electric vehicles. They also intend to combine the companies’ complementary competitive advantages in the fast-growing electric drive-train business to co-manufacture and market electric drive systems.

Canny added, ‘With this group of shareholders offering the financial backing and support needed to get Think back into production, we are very excited about what the future holds for this company.’

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