Electric Car Company Goes Belly Up
The Think Car
Electric car manufacturer Think Global AS filed for bankruptcy today.
The electric car maker that launched its North American operations in northern Indiana has filed for bankruptcy protection in Norway, a major creditor said Wednesday morning.
Think Global AS plans to liquidate its assets, according to a statement from its exclusive battery supplier, Ener1 Inc.
Ener1, which engineers and makes its batteries in the Indianapolis area at its EnerDel subsidiary, notified investors Wednesday that the company would take a charge of more than $32 million on unpaid loans and accounts receivable from Think Global.
Think’s spokesman in Detroit, Brendan Prebo, could not be reached for comment Wednesday morning.
“I think the car is quickly becoming a historic footnote,” said J. William Moore, publisher and editor of the Nebraska-based EV World, which covers the electric vehicle industry. “There’s a whole bunch of big, serious competitors hitting the market soon.”
Think’s sputtering performance has already dragged down Ener1’s stock price, but it’s not clear what affect the bankruptcy will have on the company. Spokesman Brian Sinderson would not answer a question about the impact on local operations. He issued a statement via email this morning saying, “Ener1 estimates that the amount of the charge is $32.6 million, although the amount could change based on the extent to which funds are recovered as a result of the liquidation of Think Global.”