Think Exits Bankruptcy, Says First City EVs To Be Delivered by Year-End

Company's U.S. Sales, Production Plans Said to be 'On Track' for 2010

Norwegian EV-maker Think said this morning that it's debt repayment plan has been approved by that country's bankruptcy court, an action that will enable the 19-year-old company to get back to business.

In a statement released this morning, Think CEO Richard Canny called the ruling "the final step in our return to normal operations."

The often-troubled company, once owned by Ford Motor Co., makes the Think City EV, a plastic-bodied two-seater with a range of up to 110 miles and a top speed of about 60 mph.

Canny said the company has secured a $47 million capital infusion as part of its revitalization, with Ener1, parent company of Think battery supplier EnerDel, boosting its stake in the EV company to 31 percent.

New investors include Investinor, an investment fund backed by Norway's government, and Finland's Valmet Automotive - the engineering and manufacturing services company that is building the new Fisker Karma plug-in hybrid and will become Think's manufacturing partner as pat of the deal. Valmet also builds Boxter and Cayman models for Porsche.

As part of the deal with Valmet, Think will suspend production at its Norwegian facility, laying off 85 workers.

Canny said in his statement that the new funds and manufacturing contract means that the company will be able to begin delivering Think City models to customers by the end of the year.

He said the company will be sending the "coming months" setting up the Finnish manufacturing operations and revitalizing Think's European sales organization, but didn't mention the company's U.S. operations.

A spokesman for Think North America, located in Dearborn, Mich., said, though, that the company is "on track" to begin U.S. sales next year and contrinues working with the federal Energy Deparptment on its application for an advanced technology vehicles manuifacturing loan to finance a U.S. manufacturing pant.

Posted by

John O'Dell August 27, 2009, 9:59 AM

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Electric Car, Ener1, EnerDel, EVs, Think, Think City