• Jun 22, 2011
When Ener1 abruptly ended its four-year-long deal with Think Global, saying that its investment was "impaired," we had reason to worry. Now comes word that the struggles continue to mount at Think Global and that the automaker has filed for bankruptcy. Again.

According to a statement released by Ener1, Think Global will liquidate its assets in an attempt to pay back its creditors. Apparently, Ener1 has stepped in and is currently in charge of recovering some $32 million in unpaid loans and accounts receivable from Think Global.

Ener1 spokesman Brian Sinderson, told the Indiana Business Journal that "the amount [Ener1 is owed] could change based on the extent to which funds are recovered as a result of the liquidation of Think Global."

The IBJ could not reach Think spokesman Brendan Prebo for comment on this developing story. Hat tip to Mart and Orjan!

[Source: Indiana Business Journal]


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  • 25 Comments
      Jim McL
      • 3 Years Ago
      Wow, I am glad I got my fifth generation Th!nk in time. Great car, reasonable price. Absolutely solid, no chance it will leave me stranded due to unreliable battery gauging. Interesting to read people cheer for another company that is dumping a half finished design at below cost to drive out competitors. Seems I recall they went bankrupt once also. Competition is a good thing.
        Marco Polo
        • 3 Years Ago
        @Jim McL
        Jim, drive it in good health! At least you possess, something that the majority of your detractors don't! A real live, working EV! Well done! Enjoy!
        EJ
        • 3 Years Ago
        @Jim McL
        "Great car, reasonable price." On what planet? The Think is a slightly refined golf cart for the price of a Leaf. You tell me it's the best you could do at the time to get off gas, I'm right there with you. Had it been available in my market, I literally would have been there with you. But at no time would I have been trying to convince myself it was either great, nor reasonable.
      paulwilson05
      • 3 Years Ago
      really not surprised.
      • 3 Years Ago
      Think's downfall was to pair up with Ener1 instead of sticking with the DES-MEA Zebra sodium battery. Ener1 price on packs is outragous, making the cost of the cars far far to high. Sure fast charge is important, but at what cost? Per KWH the Ener1 packs were 70% more than their competition with no reduction in price in sight. The Zebra batteries could have been mass produced far cheaper than the lithium packs by Ener1.
      Nick From Montreal
      • 3 Years Ago
      As predicted by many here, the Nissan Leaf 's *reasonable price* made it impossible for anyone to sell a cheaply-made electric car for a premium. Wheego, Think, Coda & Aptera were all counting on first mover advantage but couldn't guess what Carlos Ghosn and Nisssan/Renault had in store. I'm sure most of the engineeers who designed the Think City have already left the company and working on something else. The company wasn't working on new designs, just trying to manufacture their old ones. Hopefully Ener1 will not try to resuscitate the project: they have enough market challenges at it is. Aptera and Wheego should be next, with Coda not far behind.
      electronx16
      • 3 Years Ago
      Another one bites the dust....When Nissan announced the pricing for it's leaf most of the start ups must have realized that it was all over for them.
        Nick From Montreal
        • 3 Years Ago
        @electronx16
        @Electronx16: Exactly. Nissan totally removed any chance of profit from the startups who wanted to sell low-end EVs for a huge price. Even Mitsubshi has had to review the gouging...hem pricing plan for the iMiev and Ford was probably not happy either.
        Spiffster
        • 3 Years Ago
        @electronx16
        Can anyone tell me where this quote is from: "That's it man, game over man, game over!" :)
          Schmart Guy
          • 3 Years Ago
          @Spiffster
          http://www.youtube.com/watch?v=dsx2vdn7gpY
      Spec
      • 3 Years Ago
      I can't say I'm surprised. But it is so sad how Think never seemed to make a decent go of it. Just new execs coming in, collecting huge salaries and doing very little. No new model, no cost cuts, etc. Just begging for subsidies and half-baked start at a US assembly plant which was little more than a warehouse. I hope some established car-maker buys them to get a head-start on an EV line.
        Peter
        • 3 Years Ago
        @Spec
        Au contraire mon ami I hope that some established car-maker does NOT buy them. Their time came and went with the release of the Leaf. Leave the Think management behind and hire the engineers and get on with designing a real competitor to the Leaf (hint GM).
          Nick From Montreal
          • 3 Years Ago
          @Peter
          Totally agree. It's dead, leave it that way. The only thing that is of value is the experience that the engineer gained through designing and supporting this machine. I have no worry for the talented ones.
        Chris M
        • 3 Years Ago
        @Spec
        They did have a good design and decent engineering, what they lacked was volume production capability and a good sales network. An established automaker would provide both. Unfortunately, most automakers would rather do their own plug-in project in-house rather than buy a tiny startup like Think. BTW, Think was once owned by Ford, but Ford sold it when the first California ZEV mandate was cancelled.
      Marco Polo
      • 3 Years Ago
      Very sad for all those people who worked so hard, when Th!nk was an early pioneer. Sadder still for those who have bought cars which are now orphans. (Hang in there, they may become classics) I can express no joy in seeing th!nk disappear, although it was always going to be inevitable, once the major automakers entered the market. Vale Th!nk, for a while you burned bright, and will always have a place in the history of the EV.
      paulwesterberg
      • 3 Years Ago
      Too bad, think had some good designs such as the Think Ox.
      Dan Frederiksen
      • 3 Years Ago
      wow, someone predicted this long ago. who was that? was it me? : ) if you vote me down enough maybe I wasn't right anyway. that's how it works isn't it.. I believe I said that even if they listened to me it couldn't be saved because there were too many bad decisions for too long. I said the CEO is just going through the motions making up numbers so he could collect his massive pay until he inevitable bankruptcy. maybe even incompetent enough to fool himself. how much would ener1 have saved if they listened to me.. good thing noone in their right mind would hire me : ) will someone infuse even more cash into think and revive it for yet another bankruptcy later? I'm guessing it's obvious even to suits and incompetent gov officials now that think is no good but I wouldn't be surprised. some might remember that I've said Tesla is in danger of same, however nice their cars are. because their development costs are allowed to run unchecked and their sales quite limited (due to same). all things being equal they would have been bankrupt already but the ponzi scheme nature of the stockmarket/investment bubble dynamics may yet infuse them with enough blind faith cash that they can write off even billion dollar failures and survive long enough for some later model to be profitable and just barely keep them alive for a while. there is also the possibility (as I've also said before) of a takeover by a large company with deep enough pockets to forgive the large mistakes made. a bit like how Ford bought Think. despite that, because Tesla fails to recognize the importance of cost and efficiency optimization, I still believe they are in great danger of bankruptcy. I still expect them to fail. and Fisker looks similar although I haven't looked as closely at that and we know less about them. but probably. their car is even more indifferent to efficiency and I don't think you can afford that in the battery game. Rolls maybe but probably not a newcomer with half a billion dollar debt to pay. what could have been.. had they listened to me.. (that's gotta earn me at least -10 votes)
        Chris M
        • 3 Years Ago
        @Dan Frederiksen
        The problem with Think is they are trying to jump directly to low cost/low profit margin cars, without the production volume necessary to make it work. Tesla and Fisker didn't make that mistake. Elon Musk certainly did recognize the importance of cost and efficiency optimization, that was one reason why Eberhardt got forced out. But unlike a certain pompous windbag, Elon also recognized the importance of reliability, safety, handling, and appearance and was not willing to sacrifice those needs to "efficiency" and "cost", which is why Tesla didn't make a fragile featherweight teardrop of a car.
          Dan Frederiksen
          • 3 Years Ago
          @Chris M
          Chris, try to think objectively instead of mindlessly justifying status quo. your assessment of the situation is entirely wrong. you overlook the sticky point that Eberhard (no t) won a lawsuit against Musk because Musk blamed Eberhard for the cost overruns in public which in reality was mostly Musk's fault. not that I know enough to say how well Eberhard would have done on his own but indications are that Musk made it much worse. the 2 gears and touch door handles iirc. I sort of hope your warped sense of history stings Eberhard however because he sold out the truth for a big cash payout. and to make it worse it was probably Tesla money, not Musk's own, sinking Tesla deeper into debt. you are similarly wrong about Think.
        Marco Polo
        • 3 Years Ago
        @Dan Frederiksen
        The little Troll was beside himself with glee! "I was right! " he crowed, "They FAILED". That will teach 'em, he thought, they should have listened to me! The trolls malicious eyes glittered with a brightness, heralding the onset of the mental instability that would beset his adulthood. His tongue licked his thin cracked lips and his narrow set eyes took on a worried expression, just for a moment, self doubt crept into his mind, he had said hadn't he? Yes, he reassured himself, ..he must have, after all, he had lied,libelled, and denounced everyone, no escaped his defamation! Sooner or later he must guess right! In his delusion, he imagined himself popular, a veritable sage, he couldn't wait tell relate this petty piece of malicious news to the few other misfits who spoke to him. " Well that's, that! That Richard Canny, and all the rest will be sorry now" He failed notice his fellow misfits were moving away quickly, "what could have been.. had they listened to me.. that's gotta earn me at least -10 ..." his words were cut off , by large hands seizing him roughly!. "you little creep!' He heard his large sister growling, as the first blow struck, three other friends of his sister held firmly. He was doubled over, and was receiving painful blows to his posterior, much to the amusement of what he now realised was a gathering crowd..." I'll give you 10" he heard, through the pain and humiliation, "you perverted little sneak"....
          • 3 Years Ago
          @Marco Polo
          Holy crap, that's funny and inventive!!
        Spec
        • 3 Years Ago
        @Dan Frederiksen
        Yes . . . if they only listened to you and made the magic EV with 200 miles of range and sold it for $18K they would have done great! Unfortunately, other people are constrained by reality.
      Spec
      • 3 Years Ago
      I'm saddened that I'll never have a chance at buying the Think Open convertible. Hopefully someone will make a reasonably priced small convertible EV.
      2 Wheeled Menace
      • 3 Years Ago
      We all knew it was coming.. just a matter of when. The days of small EV conversion / car production companies are over. Quite a shame, but i have been pretty tired of hearing about vaporware since the mid 2000's. Electric cars are expensive to build and the only way they can be affordable is either do it yourself conversion, or high volume mass production. Thank heavens that the big automakers have finally taken the initiative.
      Nick
      • 3 Years Ago
      Not too surprised, but it wasn't in vain. There were things learned, technologies developped, patents written during its development....which could be useful down the line. Thanks for moving things forward!
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