About a month ago, electric-car maker Think Global announced that it has filed for bankruptcy. Reports now state that Russian entrepreneur Boris Zingarevich, a major shareholder in Think, has been selected by a Norwegian court to bring Think out of another bankruptcy.

Zingarevich said that new version of the Think City electric-car will be launched in early 2012 with the help of Think shareholders Ener1, a U.S. battery maker, and Valmet, a Finnish assembler.

Ener1 and Valmet are working on restructuring their outstanding loans to Think, including a stake in the new company.

Click here for more news on Think.

“The Think brand is a valuable asset that deserves to continue its key role in the global shift to electrification,” Zingarevich said.

- By: Omar Rana

Source: Inside Line

Here is a surprise out of left field (well, almost). Electric-car maker Think Global AS announced today that it has filed for bankruptcy in its home market of Norway after failing to keep the company going through recapitalization and restructuring.

This is the fourth time Think has collapsed financially in its 20-year history.

“We needed some additional funding and although we had interested investors they were not able to come to the table quickly enough,” Think spokesman James Andrew said.

Future options for Think include a liquidation of its assets or the sale of the company. Think sold just 1,043 units of the City in 2010.

- By: Omar Rana

Source: Automotive News

Today, Secretary of Energy Steven Chu, General Services Administrator Martha Johnson, and White House Council on Environmental Quality Chair Nancy Sutley announced a major step in moving the Federal fleet further towards advanced vehicles and decreased petroleum consumption.

The United States government will end up adding 101 Chevrolet Volts to its fleet along with 10 Nissan Leafs and 5 Think City EVs.

Click here for more news on the Chevrolet Volt.

“As the nation’s largest vehicle fleet operator, the President’s fleet management directives and GSA’s electric vehicle pilot will cut the Federal fleet’s petroleum use and support the development of domestic, clean energy technologies – supporting the President’s goal of cutting imports by a third by 2025 and continuing to build a 21st century clean energy economy, while also saving taxpayer dollars,” said Nancy Sutley, Chair of the White House Council on Environmental Quality.

The 116 vehicles will be leased to 20 agencies, including the Energy Department, the Treasury Department and the Navy.

Click here for more news on the Nissan LEAF.

In 2010, GSA doubled the Federal hybrid fleet without increasing the total number of vehicles. The resulting improvement in fleet fuel efficiency will reduce petroleum consumption by the equivalent of an estimated 7.7 million gallons of gasoline, or 385,000 barrels of oil, the GSA said.

- By: Omar Rana

Source: GSA, Automotive News

THINK City 2+2

Norway electric-car company Think has announced a four-seat version of its micro City car. The latest generation of its compact electric-car now comes standard with air-conditioning and a 5-year / 60,000 mile warranty (whichever comes first).

“At the heart of everything THINK does is flexibility to the customer – and we have just taken this a step further this Christmas with the introduction for the first time of the 2+2 seating configuration. Want to take the kids to school? You’ve got it! You need to carry a heavy load? No problem, the seats stow away giving largely the same load space as before,” said THINK Chief Marketing Officer, Michael Lock. “These advantages, coupled with our technical enhancements make the THINK City unquestionably the most attractive EV on the market.”

THINK City 2+2

Think recently kicked of production of its City electric-car at its plant in Elkhart, Indiana and delivered the first 15 units to the State of Indiana.

Think says its City can travel at highway speeds of up to 68 mph and cover 100 miles on a single charge.

Check out the press release after the jump.

THINK City:

Press Release:

The latest generation THINK City is now available for the first time with four seats, and goes on sale across Europe this month.

OSLO, Norway, 20 December 2010

Powered by industry-leading lithium-ion battery technology from award-winning battery maker Ener1 in the US, and now with air-conditioning as standard, the latest generation THINK City offers the most complete electric vehicle (EV) package on the road today.

The latest generation model also comes complete with the THINK G4 EV DRIVE CONTROLLER – the heart of THINK technology. THINK G4 is the fourth generation proprietary power electronics system underpinning the THINK City EV. It is the most advanced EV system commercially available anywhere in the world, offering key benefits such as enhanced technical safety, improved real world range, efficiency gains and improved functionality and flexibility.

With the additional reassurance of a five-year warranty (or 100,000km – whichever occurs first) on both the car and the battery, there has never been a better time to enter the new and exciting world of EVs.

The THINK City is the world’s first EV to be granted pan-European regulatory safety approval and is homologated for sale as a passenger car across the continent. It is a zero emissions pure battery EV, built on a dedicated lightweight platform and designed as a modern urban car. It can travel at highway speeds of up to 110 km/h and cover 160 kilometres on a single charge with zero local emissions.

THINK delivers first City EV to the State of Indiana

Norwegian electric-car maker THINK announced today that it has kicked of production of the THINK City electric-car and has also delivered the first couple of units. Production of the THINK City started at its plant in Elkhart, Indiana. The company, with global headquarters in Oslo, Norway, plans to build 300 units of the THINK City electric cars at the facility by the end of the year.

“This is another major milestone for us,” said THINK CEO Barry Engle. “We are now manufacturing and selling both in Europe and the U.S. and have produced more than 2,500 THINK City vehicles.”

THINK delivered its first 15 units of the U.S.-built City electric-cars to the State of Indiana for use in its government fleet.

“We’re proud to be the first manufacturer to deliver an all-electric car built in the U.S. with an advanced battery that suits the needs of government and commercial fleet operators,” said Barry Engle. “Our delivery today is part of a larger effort to help transform the U.S. light-duty vehicle fleet from one that is mostly dependent on imported oil, to one that is fueled entirely by domestically produced electric energy.”

The THINK City is capable of traveling 100 miles on a single charge at speeds of up to 60 mph.

THINK City:

- By: Zain Haq

Jay Leno test drives Think City

Jay Leno lives our dream everyday. If he doesn’t have a vehicle he wants to drive in his massive automotive collection, he can borrow it from the manufacturer straight and create a video for Jay Leno’s Garage website.

Click here to read more new on the Think City.

Jay recently got behind the Think City electric-vehicle and took it for a quick spin. The Think City is capable of traveling 100 miles on a single charge at speeds of up to 60 mph. Here is what Jay thought about the car.

Click through for the video.

- By: Zain Haq

2,500th Think City EV

Think announced yesterday that it built the 2,500th unit of the Think City electric urban vehicle.

“This milestone event further solidifies the THINK City as the best-selling electric car in the world today,” commented THINK CEO Barry Engle.

The 2,500th City came off the company’s assembly line today at its Olso-based production plant in Europe. Think engineers estimate that the City has accumulated 35 million zero-emissions road miles to date. The company has begun preparations to build the sturdy and reliable two-seat commuter at a plant in the United States in Elkhart, Indiana.

“Bringing this well-established electric nameplate to America for the first time is a landmark event in THINK’s long history,” added Engle. “As electric transportation goes mainstream, the U.S. stands to become the largest electric car market in the world. We expect the tried-and-tested City to be among the most visible EVs on America’s streets and highways in the very near future.”

The Think City is capable of traveling 100 miles on a single charge at speeds of up to 60 mph.

- By: Omar Rana

Think City

Norway electric-cars company Think announced yesterday that it has hired Michael Lock as the company’s Chief Marketing Officer. Lock, who spent most of the last decade in management positions at Ducati, will start his new position on August 9, 2010.

During his seven year tenure as CEO of Ducati North America, Lock oversaw the restructuring of the company and product distribution, restoring profitability and taking sales volume and market share to record levels. Lock has previously held positions at Honda Motor Europe, Triumph Motorcycles USA and Triumph Motorcycles UK.

Click here for more news on Think.

“I am delighted to be joining the pioneering team at THINK at an embryonic phase in this exciting new industry,” commented Lock. “Think has some of the most sophisticated electric vehicle technology on the market, with potential to become a household name as demand for EVs grows in cities all over the world. I am encouraged by the initial customer response to the Think City, and believe this is a solid foundation for growth as the company embarks on a focused roll-out of its first urban offering, and plans for future vehicle generations.”

“Michael has an impressive track record of establishing premium brands in new markets,” said Think CEO, Richard Canny. “He joins Think at a time when we are significantly expanding our global reach, moving beyond Europe to address the significant opportunities we are seeing open up in the US and China.

- By: Omar Rana

Think City EV Cup Edition

It had to happen eventually, and England was the first to get to it; the first ever EV Cup Edition racing series kicked off with Eco Car Trials on June 18. The all-”˜green” racing series drivers will be on hand at the Goodwood Festival of Speed this weekend as well.

The Think City race-prepped vehicle will also be on hand at the 2010 Paris Auto Show , and then the 2010 Los Angeles Auto Show. At the LA show, there will also be a press-conference announcing a 2011 race schedule for series.

The race-prepped Think City weighs in at 154 pounds leaner than its standard counterpart with its stripped interior which leaves a single lightweight racing seat and steering wheel. The glass has also been switched out in favor of Perspex, and the suspension reworked to lower the center of gravity and provide for more precise and nimble handling.

Think City EV Cup Edition:

- By: Stephen Calogera

Source: Inside Line

Think City electric-vehicle

If the price was right, would you be willing to accept an electric-vehicle that had less than a 100 mile range? According to a recent study by electric-car maker Think and a team of MBA students from University of Michigan Ross School of Business, many potential electric-vehicle customers say yes.

100-mile ranges have long been considered a customer requirement for full-functioning, highway-capable electric vehicles. However, the survey conducted by Think found that 50 percent of the respondents would be willing to accept 70-80 mile ranges, if it reduced the cost of the vehicle by $5,000.

Vice-versa, the survey also found that 55 percent of the respondents indicated that they would pay a $5,000 premium for an electric vehicle with 150-160 mile range. Only nine percent of potential customers said they were interested in reducing their range below 50 miles for a greater discount.

“Offering different sizes of batteries for different customers is an intriguing idea,” said Richard Canny. “Customer support for it will likely grow as fast charging technology becomes more widespread.”

The Think City electric car, being sold in Europe today and coming to the United States later this year, has a range of 100 miles on a single charge. It can hit speeds of up to 68 mph.

- By: Omar Rana

Think City

Think (aka Th!nk), which has been saved from collapse three times in its 19-year history, announced today that it has received a $40 million cash injection from existing investors to support its product development, drivetrain projects and planned expansion into North America.

The electric-car manufacturer said that it is now fully funded and expects to be “cash flow positive in 2011.” Those same investors helped Think raise $47 million in funding last summer to exit court protection in Norway.

“We are thrilled to have the extra cash and confidence from shareholders. Everything is coming together for the company,” Think CEO Richard Canny said in an interview.

Think has established a U.S. subsidiary ““ Think North America, a stand-alone business that will include manufacturing, product development, sales and distribution. The company has an active application before the U.S. Energy Department under the $25-billion Advanced Technology Vehicle Manufacturing loan program.

The company’s Think City electric-car will be sold in the United States later this year and will have a top speed of 70 miles. On a full charge, it will be able to travel a little more than 100 miles.

- By: Omar Rana

Source: Automotive News (Subscription Required)

Norwegian based electric-car company Think announced today that it plans on bringing its Think City electric-car to customers in New York City. New York ranked third in THINK’s EV-Ready Cities Index based on the great fit EV’s have for city driving and the strength of the state and local governments’ support. Los Angeles came in at No. 1.

“Bringing the THINK City to New York will play a positive role in PlaNYC, the city’s comprehensive sustainability plan that seeks to reduce the City’s greenhouse gas emissions by 30 percent from 2005 level by 2030,” Think said in a statement. “The Think City, all electric vehicle provides excellent opportunities for both city fleets and private vehicles operating within the City’s borders.”

Separately, Think announced a significant investment in a brand new, state-of-the-art product development facility at its corporate headquarters in Fornebu, Oslo, Norway.

The Think City electric will have a top speed of more than 70 miles per hour and a range of more than 100 miles per full charge.

- By: Kap Shah

Norwegian based electric-vehicle maker Think has released its first U.S. EV-Ready Cities Index, which measures markets that are most likely to begin and benefit from the transition to electric-vehicles.

The Think EV-Ready Cities Index takes into account purchase and usage incentives including things such as HOV lane access, hybrid sales, traffic congestion, EPA non-attainment zone status (air quality), and potential lower-carbon energy sources for vehicle recharging.

The index was put together for Think by ASG Renaissance, a market research and business services firm located in Dearborn, Michigan.

Hit the jump for the press release and to see Think’s U.S. EV-Ready Cities Index.

THINK EV-Ready Cities Index scorecard

Press Release:

THINK releases U.S. EV-ready index

Today, pioneering electric vehicle company THINK released its first U.S. EV-Ready Cities Index. The top four cities included first-ranked Los Angeles and second-ranked San Francisco with Chicago and New York tied for third.

The THINK EV-Ready Cities Index was presented by THINK CEO Richard Canny at the Electric Drive Transportation Association Annual Conference and Meeting at the Washington Auto Show. The company recently announced plans to manufacture the THINK City electric car in Elkhart, Ind. with U.S. production slated to begin early next year.

San Diego, Portland and Sacramento were rated fifth, sixth and seventh putting four cities in California in the top-15 index. Rounding out the top ten were Newark, Seattle and Atlanta. The remaining cities included Denver, Boston, Washington, DC, Philadelphia and Phoenix.

THINK developed the EV-Ready Cities Index to measure which markets are most likely to begin and benefit from the transition to electric vehicles, providing an objective comparison of the EV purchase and usage incentives as well as the market fit for EV”s.

“We expect that the roll-out of EV”s to the U.S. market will be quite focused in the early stages. Some cities are more likely to be early adopters of EV technology, and the EV-Ready Cities Index will be a helpful tool to guide and prioritize the development of those markets. It reflects the available government support, consumer acceptance, and the opportunity for EVs to provide the maximum benefits possible from electric drive,” Canny said. “Since EVs are a unique solution for congested urban environments, we are taking a city-by-city approach rather than a national or state-by-state approach.”

The THINK EV-Ready Cities Index takes into account purchase and usage incentives ““ such as HOV lane access and infrastructure support ““ for electric vehicles as well as market fit, which includes factors such as hybrid sales, traffic congestion, EPA non-attainment zone status (air quality), and potential lower-carbon energy sources for vehicle recharging. The index was compiled for THINK by ASG Renaissance, a market research and business services firm located in Dearborn, Mich.

The U.S. EV-ready index mirrors one THINK developed for targeting markets in Europe, which recognized Oslo, Copenhagen and Amsterdam as the top-three markets. The company plans to continue to monitor EV-ready factors and periodically update and release its index.

“Ideally, we would like the THINK City to be available throughout the U.S. next year, but in our early commercialization phase, it is important that we first establish a strong concentration of sales in key, highly attractive markets, which support early adoption of sustainable, zero emissions transport solutions,” Canny said.

THINK plans to begin selling the THINK City, which will have a top speed of more than 70 miles per hour and a range of more than 100 miles per full charge, in target U.S. cities beginning this year.

With most gasoline powered vehicles, we are interested in how fast they will go from 0-60 mph. Think announced today that it has teamed up with AeroVironment, Inc., a leading developer and supplier of electric vehicle charging infrastructure, to demo the company’s level III fast-charge system and the Think City electric-car.

The team held a 15-minute news conference at the 2010 Washington Auto Show where they charged a Think City from 0-80% using AV’s fast-charge system in 15 minutes.

“THINK and AeroVironment are setting a new standard for extremely quick re-charging ““ zero to 80 percent in just 15 minutes,” said THINK CEO Richard Canny. “This is a major leap forward for electric vehicles. The development and deployment of very-fast-charge stations will help speed the electrification of automobiles in the United States and globally.”

The Think City will be sold in the United States later this year and will have a top speed of 70 miles. On a full charge, the Think City can travel a little more than 100 miles.

- By: Kap Shah

Electric-car manufacturer Think announced today that it has re-started production of its Think City model at a new facility with manufacturing partner Valmet Automotive in Uusikaupunki, Finland.

“The start of production at Valmet Automotive also marks a new start for THINK, which has made significant progress since announcing its re-capitalisation earlier this year with major new investors coming on board,” Think said in a statement. “In recent months THINK has made a series of senior executive appointments from the automotive and clean-tech industries, won major new contracts in the drivetrain supply business, started the roll-out of sales into key European markets and now, re-started production in Europe.”

“This is a very significant day for THINK. We are back in production and I am so pleased that some of our very loyal customers can look forward to delivery of their long-awaited THINK City before Christmas,” said Richard Canny, THINK CEO,

Canny said that the order bank stands at around 2,300 vehicles, and that the company’s first priority is to deliver to those customers now that the vehicles are rolling off the production line again.

- By: Stephen Calogera

Norwegian electric-car maker Think, which recently exited bankruptcy court protection and raised $47 million, has announced that it is gearing up to launch vehicles in the United States and has picked a site in Indiana for its U.S. manufacturing facility.

Think will announce the exact location and other details in a few weeks, according to Charles Gassenheimer, chairman and chief executive of lithium-ion battery maker Ener1 Inc., which has a 31 percent stake in Think Global.

Think has previously said that it is exploring the idea of launching its vehicles in the United States and was considering a local manufacturing plant.

Gassenheimer declined to give more details on Think’s plans for the U.S. market. However, he said that the company has applied for a U.S. government loan under a program set up to encourage production of fuel-efficient vehicles.

- By: Kap Shah

Source: Reuters

Norwegian electric-vehicle manufacturer Think announced today that the Norwegian courts have approved its debt settlement plan, allowing the company to exit bankruptcy court protection. The move puts Think back into business and in a position to continue producing its latest TH!NK City model.

Think will get $47 million from Ener1, Inc. from the USA, Valmet Automotive from Finland and Investinor, the Norwegian Government-backed investment fund. The capital increase will help Think restart production.

Production of Think’s existing assembly plant in Aurskog, Norway, will be suspended indefinitely. Production will resume in Finland during the fourth quarter of 2009.

Click through for the press release.

Press Release:

THINK EXITS COURT PROTECTION AND PLANS TO RESUME NORMAL OPERATIONS WITH PRODUCTION OF THE READY-TO-MARKET TH!NK CITY

* DEBT SETTLEMENT PLAN APPROVED
* CAPITAL INCREASE OF $47m
* NEW INVESTORS NAMED
* NEW EUROPEAN PRODUCTION LOCATION IDENTIFIED

OSLO, Norway, 27 August 2009 – Think, the Norwegian electric vehicle (EV) manufacturer announces today that the Norwegian courts have approved its debt settlement plan, enabling the company to exit court protection.

Effectively, this puts Think back in business and in a position to resume normal operations in terms of the manufacture and sale of new electric vehicles (EVs), namely, its latest TH!NK City model.

Think CEO Richard Canny 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.”

The TH!NK City is the company’s latest generation EV, and is one of the few ready-to-market fully electric vehicles available in the world today. With its market-leading 180km range, class-leading 100km/h performance and safety attributes, the TH!NK City is the first vehicle of its type to be granted pan-European regulatory safety approval and CE certification.

A significant capital increase has also been arranged to enable the company to immediately get back to the business of producing and selling EVs. The company continues to be backed by a very loyal group of investors, made up of some individual Norwegian investors as well as leading venture capital and clean-tech investment firms from the USA and the UK.

In addition, some new investors have joined the shareholder group as part of the capital increase, which is worth some $47 million in total capital introduced and conversion of interim financing to equity. The equity transaction is scheduled to close next week.

Named investors are: Ener1, Inc. from the USA, Valmet Automotive from Finland and Investinor, the Norwegian Government-backed investment fund.

Ener1, Inc. is the largest of the investors in Think, and once the transaction is complete, will hold an equity stake in the company of approximately 31%. Ener1, Inc. is the parent company of EnerDel, a leading manufacturer of advanced lithium-ion automotive battery systems based in Indianapolis and an existing supplier to Think.

EnerDel and Think have agreed to enter into a long-term battery supply agreement as part of the transaction. 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.

Valmet Automotive is a leading provider of engineering and manufacturing services to the automotive industry and is joining Think as a new industrial partner with a small share in the company. Future production of the TH!NK City EV will commence at Valmet’s high-technology manufacturing base in Uusikaupunki, Finland, alongside its assembly facilities for the Porsche Boxster and Cayman models for Porsche AG.

These state-of-the-art production facilities, coupled with Valmet Automotive’s vast engineering and logistics experience make for a highly effective and complementary relationship between the two companies, with production in Finland scheduled to start sometime during the fourth quarter of this year.

Production at Think’s existing assembly facility in Aurskog, Norway, will be suspended indefinitely in light of the agreement with Valmet Automotive, resulting in approximately 85 employee positions being affected across the company.

Think however remains a truly Norwegian company, with its senior management, sales, marketing, design and engineering staff still located at the company’s Oslo headquarters.

Investinor is a Norwegian venture fund backed by the Government’s Ministry of Trade and Industry. The fund invests in Norwegian companies on strict commercial terms in return for share capital, and is investing NOK30million ($5million) in Think’s capital increase.

Richard 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. We’d like to thank our existing investors for their continued support, and also to welcome the new investors on board.

He concluded: “Establishing production in Finland and expanding our sales organisation around Europe is going to keep us extremely busy in the coming months – but we are very confident, the TH!NK City is literally ready for sale and we look forward to delivering the first of our customers’ new cars this side of 2010.”

- By: Stephen Calogera

While your everyday traditional automakers are closing down their facilities due to the current economic conditions, Norwegian electric-car maker Think (aka Th!nk) said today that it plans on opening a new manufacturing plant in the United States.

Think said that the new facility will employ about 300 workers and will have an initial capacity of producing 16,000 cars per year. The plant will also provide jobs for 70 engineers and electric drive specialists. Ultimately, Think plans on adding 900 employees with a capacity of 60,000 electric vehicles per year.

Think said the plant will be responsible for building the Th!nk city, an all-electric car is capable of traveling 112 miles on a single charge. U.S. production is expected to start in 2010 with the first round of 2,500 Th!ink city cars being made available for demo fleet projects.

Th!nk North America is an Ann Arbor this week meeting with representatives from the state of Michigan to discuss bringing electric-vehicle manufacturing jobs to the United States. Of course, we’re guessing Michigan is really excited about this.

Think will be meeting with a total of eight states to host its EV plant.

- By: Omar Rana