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Think EVs To Be Revived from Bankruptcy by Investor Boris Zingarevich
EV makers have been dropping left and right during the recession, including Think, the maker of the Think City EV. But now the company will get a second chance thanks to serial investor Boris Zingarevich, who has singlehandedly purchased the company to revive it. Mr. Zingarevich has already signed agreements with lithium ion battery maker Ener1 and Finnish engineering and manufacturing firm Valmet Automotive to help him relaunch Think.
Ener1 and Valmet were the senior secured creditors for Think after it filed for bankruptcy, and the companies are now negotiating stakes in the company as a part of its debt restructuring. Mr. Zingarevich has also been a major investor in Ener1 since 2002, as well as the force behind the bridge funding provided to Think before it filed for bankruptcy. To say Mr. Zingarevich is invested in the future success of Think would be both literally true and a gross understatement. We hope the cash he sinks into the new venture will give Think the funding it needs to create a new generation of EVs, as we hate to see a promising green company go under.
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