Think Automotive files for bankruptcy

Think Automotive files for bankruptcy

Posted 08.28.2009 in News by Christopher

Th!nk files for bankruptcy for a third time. 

Electric car maker Th!nk filed for bankruptcy protection in June 2011. The Norwegian company produced the Th!nk City, a small sedan with a range of about 100 miles.

Think shut down its assembly line outside of Oslo after the global financial crisis made access capital difficult.

The American company Ener1, which owns the lithium-ion battery maker EnerDel, is Th!nk’s largest shareholder with 31 percent of the company. EnerDel supplies batteries to Think. In July, the two companies began a joint venture to sell electric car drivetrains.

Investors included Investinor, an investment fund backed by the Norwegian government, and Valmet, an auto manufacturer that assembles the Boxster and Cayman under contract with Porche. Original investors retaining a stake include General Electric and the Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.

The Th!nk City was made in Finland at the Valmet Automotive plant. Valmet also produced the Fisker Karma plug-in hybrid electric sports sedan.
The Finnish factory’s product was intended to be sold primarily in Europe.

Th!nk also had plans to build a factory in the United States.  The company had applied for Energy Department supported financing.

Th!nk’s senior management, sales, marketing, design and engineering staff will remain at the company’s Oslo headquarters.


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