REPORT: Think will build U.S. plant in Indiana, appoints two new execs

Think Global is deepening its roots in Indiana. The City electric car already uses batteries made by local company Ener1, which also owns 31 percent of Think Global. When the Think starts up production again (it was shut down while the company went through bankruptcy and then restructured) the cars are scheduled to be built at new minority shareholder Valmet Automotive's factory in Uusikaupunki, Finland. Think has 2,300 outstanding orders for the City and Valmet plans on building twice that many City models next year.

But Think also wants to build cars in the U.S. in the future, and Ener1 chairman and CEO Charles Gassenheimer have told Reuters that the plant will be located somewhere in Indiana. Details will be announced in the coming weeks. The company has applied for a U.S. government loan to help build the plant.

Think also announced two new senior appointments today (official press release after the jump). Jan Brentebråten, who previously worked for Ford and Mazda in Europe, has been appointed director of marketing, sales and service for Think Global, and Helge Nerland, previously a senior corporate adviser at Fondsfinans ASA, will become the CFO of Think Global.

UPDATE: Maybe not.

[Sources: Reuters; Think]

PRESS RELEASE:

THINK'S GLOBAL EXPANSION CONTINUES WITH WORLD-CLASS CLEANTECH AND AUTOMOTIVE EXECUTIVE APPOINTMENTS

• NEW EXECUTIVES BRENTEBRÅTEN AND NERLAND BRING EXTENSIVE EXPERIENCE FROM MAZDA, FORD AND TOMRA
• JAN BRENTEBRÅTEN APPOINTED DIRECTOR – MARKETING, SALES AND SERVICE
• HELGE NERLAND APPOINTED CHIEF FINANCIAL OFFICER

OSLO, Norway, November 18, 2009 – THINK, the Norwegian electric vehicle (EV) maker, announces a further strengthening of its management team today with two new senior appointments from the automotive and renewable energy industries.

Jan Brentebråten, a senior leader in the European automotive industry, is appointed Director – Marketing, Sales and Service, THINK Global. He has previously held a number of senior positions with Mazda and Ford in Europe, including the managing directorships of Ford Netherlands, Ford Norway and Ford Scandinavia and the presidency of Mazda Motors Deutschland and Mazda Europe.

Most recently, Jan was Director, Sustainability & Alternative Fuel Vehicle Strategy – Ford of Europe. In this role he oversaw the development and implementation of Ford's European sustainability strategies and plans, including a concerted lobbying and relationship building effort within Europe and a number of fleet and retail sustainability initiatives.
Helge Nerland, who comes with over 20 years' leadership experience in the finance world, is appointed CFO, THINK Global. He was most recently Senior Corporate Advisor at Fondsfinans ASA with special responsibility for renewable energy projects and energy saving technologies.

Helge was also previously CFO at Tomra Systems ASA, a world leader in consumable beverage recycling systems. Working for Tomra in Scandinavia and the USA, he oversaw enormous growth in revenues and market capitalisation during his reign as CFO dating back to the late 1980s.

THINK CEO, Richard Canny, said: "We are making great progress in establishing our new state-of-the-art production facilities in Finland and rolling-out sales into new markets across Europe. These two new appointments will help us accelerate our growth and consolidate our leading position in the global EV market."

He continued: "We have the world's first ready and available urban full battery electric vehicle in the THINK City, and with Jan Brentebraten's sales and marketing might behind it, we expect to quickly start growing our order bank of 2,300 vehicles. We also have an excellent CFO in Helge Nerland to keep our newly vitalised finances in good order. I can't think of a better-qualified financier, and one with a specialty in renewable energy, to do this job."

Both appointments are effective immediately.

About THINK:
THINK is a pioneer in electric vehicles and a leader in electric vehicle technology, developed and proven over 18 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.