Electric vehicle maker Think announced a new Board of Directors today, bringing together some of the people who guided the once-troubled automaker through its recent bankruptcy.
The new board will be led by Reidar Langmo (pictured), who comes from the solar energy field as a founding partner of Renewable Energy Corporation. The rest of the board is made up of former GEM VP and EV1 project leader Ken Baker; Steinar Fossen, investment director for the Norwegian Government's venture capital fund, Investinor AS; Charles Gassenheimer, the Chariman and CEO of Ener1; venture capitalist William "Wilber" James, from RockPort Capital Partners and Ulrich Thum, who held executive positions as Fiat and BMW and is currently a Board Member at Valmet Automotive, the company that will help Think make the City EV in Finland. These appointments can only help the company get through its 2,300-vehicle backlog.

[Source: Think]


PRESS RELEASE:

ELECTRIC VEHICLE MAKER THINK ANNOUNCES NEW BOARD OF DIRECTORS

  • NEW TEAM BRINGS RICH CLEAN-TECH AND AUTOMOTIVE EXPERIENCE
  • FIRST PRIORITY IS TO GUIDE RAPID EUROPEAN, GLOBAL EXPANSION

OSLO, Norway, 12 October 2009 – Think, the Scandinavian electric vehicle (EV) manufacturer, announces its new Board of Directors today. The Board brings a wealth of experience and knowledge from the highest levels of the clean-tech, EV and automotive fields to Think.

The new leadership team will complement Think's leading position in the EV sector, and by guiding a rapid European and global expansion, will consolidate the company's place as one of the first and only manufacturers with a ready-to-market full battery electric vehicle – the award-winning Think City.

The Board will be led by Chairman, Reidar Langmo, a veteran of the global renewable energy industry. Reidar is founding partner and CEO of Novus Energy Partners and was one of the founders of ScanWafer and the Renewable Energy Corporation (REC) – now among the world's largest integrated solar companies. As Chairman and CEO of REC, he played a key role in REC's strategic acquisitions of Komatsu's silicon plants, and in 2006, achieved the most successful clean energy IPO to date, with a market capitalization for REC of over $8 billion.

Reidar says: "Our new Board brings together an outstanding balance of automotive, EV and clean-tech experts – a team with real hands-on experience in founding and growing successful businesses. It's the ideal structure to help guide the company as it enters this phase of rapid growth, building on its leading market position in the European EV market, and simultaneously establishing its place in the US market."

The Board members are (in alphabetical order):

* Ken Baker, former Program Manager for General Motors Electric Vehicles (GMEV) and Vice President, GM Research and Development. Ken is widely known for his key leadership role in GM's pioneering EV1 project, and was also founding chairman of the United States Advanced Battery Consortium (USABC). He brings unique experience in commercialisation of volume production EVs to Think, gained over several decades in the automotive and EV sectors.

* Steinar Fossen, Investment Director, Investinor AS. Steinar represents the Norwegian Government's venture capital fund, Investinor. He was co-founder of three successful Norwegian venture start-ups, and has held senior consulting, transaction advisory and international corporate sales and marketing positions. He now directs Investinor's investments in maritime and technology-based sectors.

* Charles Gassenheimer, Chairman and CEO, Ener1 Inc. Since 2006, Charles has shepherded automotive lithium-ion battery producer Ener1 through a period of rapid growth, the development of innovative partnerships, and building out the production capacity and market strength to match the company's class-leading battery systems technologies. Charles will guide the Think/EnerDel partnership for EV power-train supply.

* William E. "Wilber" James, Founder and Managing General Partner, RockPort Capital Partners. A leading figure in the venture capital world, Wilber leads the $850m RockPort venture capital fund and was founder of Citizens Power and Light, the United States' first electricity trading company. Wilber's hands-on experience in guiding the growth of technology companies has been proven over four successful decades in the business.

* Ulrich Thum, former President and CEO of Fiat Group, Switzerland, and former Managing Director, BMW Greater China. Ulrich's extensive marketing and sales background covers Europe, the Middle East and Asia across the BMW, Alfa Romeo and Fiat brands. A member of the Board of Valmet Automotive, Ulrich brings more than two decades of automotive experience to Think.

Think's day-to-day operations will continue to be led by CEO, Richard Canny – a motor industry veteran with 25 years previous experience at Ford Motor Company. He has held key international leadership roles across every major motor manufacturing continent, with positions including President, Ford South America and Director of Strategic Planning for Ford globally.

Richard said: "The newly formed board concludes an important phase of re-structuring for Think. Our focus now is to build on the foundations recently completed with the $47m capital raise, the strategic alliance in Europe with Valmet Automotive for manufacturing engineering, production and further product development, our new partnership with Ener1 Inc for supply of 'plug and play' EV power-trains, and importantly, the growing order bank of over 2,300 for the Think City."

About Think:
Think is a pioneer in electric vehicles and a leader in electric vehicle technology, developed and proven over 19 years. It is one of the few companies that has a 'ready-to-market' fully electric vehicle – the Think City. With its market-leading range, driveability and recyclability, the Think City is the first vehicle of its type to be granted pan-European regulatory safety approval and CE certification.

Think is also a leader in electric drive-system technology, and was the first to market a 'plug and play' mobility solution in the business-to-business sector. With its Scandinavian origins and sustainability mindset, Think is one of the most carbon efficient car companies in the world
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