Just how many times can a company emerge from the ashes of bankruptcy? For Norwegian electric car maker Think Automotive, it plans to rise from at least its third bankruptcy, which it filed for last month, after announcing on Monday that Russian investor and entrepreneur Boris Zingarevich has bought the assets of the company, as well as Think North America and Think U.K. (Some reports say it’s Think’s fourth bankruptcy).
Think didn’t release the price of the deal, but we’ve reached out and are waiting to hear back. Zingarevich was previously an investor in Think and also an early investor in and director at lithium-ion battery maker Ener1, which was also an investor in Think.
Earlier this year Ener1 wrote down a $59.4 million impairment charge for its Think investment and said that it would no longer fund Think. Ener1 said it pulled out of its Think investment partly because Think had stopped production and had run out of money, and also because the market for electric vehicles has been moving more slowly than expected.
In Think’s release this morning, it says both Ener1 and its other partner, Finnish auto engineering company Valmet Automotive, will work with Think on a relaunch of the Think brand and the Think City electric car, though Ener1 and Valmet are in the process of negotiating those stakes in the new company now.
The new company will be called Electric Mobility Solutions, and it will continue to sell the Think brand as well as the Think City car. The new company says it will start production on a refined version of the Think City in the first quarter of 2012.
Good luck — will the third (or fourth) time be the charm?
Here’s our test-drive of the Think City: