IBJNews

Indiana electric car company gets new owner

Back to TopCommentsE-mailPrintBookmark and Share

A company that has been making electric cars at a northern Indiana factory has a new owner, giving local officials more confidence in its future.

Think North America spokesman Brendan Prebo said the company's assets are being transferred to the buyer. The company intends to get the necessary auto parts and resume production at the factory in Elkhart in 2012.

Production has been halted there since at least April because of the financial troubles that led Norway-based Think Global to seek bankruptcy protection last month.

Elkhart Mayor Dick Moore said he feels much better about the factory's prospects.

Think started initial production in Elkhart last year. The company planned for the factory to have some 400 workers by 2013 making about 2,500 cars annually, but now has 11 employees on its payroll.

New York-based Ener1 Inc., which engineers and makes batteries in the Indianapolis area at its EnerDel subsidiary, had a $73 million stake in Think, but told investors in May that it would write off its losses.

Think said the court-appointed bankruptcy trustee selected Russian entrepreneur Boris Zingarevich as the winning bidder for the company.

Zingarevich has been a major investor in Ener1 since 2002 and provided bridge funding for Think while the company attempted a reorganization before filing for bankruptcy.

A statement from the company says Zingarevich has signed a memorandum of understanding with Ener1 and Finnish manufacturer Valmet Automotive Inc. to cooperate in relaunching Think. 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT