Think Global AS today receives word that Norwegian courts have approved its debt-settlement plant, allowing the electric-vehicle manufacturer to exit court protection.
“This court ruling completes the final step in our return to normal operations,” CEO Richard Canny says in a statement. “This means we can restart production of the TH!NK City as soon as possible.”
The TH!NK City measures just 122.8 ins. (311.9 cm) in overall length, 63.1 ins. (160.3 cm) wide and 60.9 ins. (154.7 cm) in height and weighs 2,288 lbs. It has a range of 112 miles (180 km), and a top speed of 62 mph (100 km/h). Recharge time is 10 hours using a 220-volt line.
In order to emerge from Norway’s equivalent of a Chapter 11 bankruptcy, Think required a significant capital increase from Norwegian investors and U.S. venture capital and investment firms, the company says.
Capital also flowed from a new group of investors, including U.S.-based Ener1 Inc., Finland’s Valmet Automotive Inc. and Investinor, a Norwegian government-backed investment fund.
Under terms of the investment agreement, Valmet, a provider of engineering and manufacturing services, will produce the TH!NK City at its Uusikaupunki, Finland, assembly plant, where it currently builds the Porsche Boxster and Cayman sports cars for Porsche AG.
Production at Think’s assembly facility in Aurskog, Norway, will be suspended indefinitely, resulting in the elimination of some 85 positions.
Senior management, sales, marketing, design and engineering staff will remain based at Think’s Oslo headquarters.