Looks like things that were bad with Ener1 (and the Think City electric car) are about to go to worse. After a string of bad news (see here, here, here and here), the latest shoe to drop is the news that the NASDAQ suspended Ener1 from the stock exchange. The fight has apparently gone out of Ener1, since the company said it has no plans to appeal and will thus be permanently delisted from NASDAQ. The stock (previously HEV and now HEVV), which used to trade at over $4 a share, will now be "penny-
When electric vehicle maker Think filed for bankruptcy last spring, it owed millions of dollars to EnerDel subsidiary Ener1. Ener1 was also a major investor in Think and a lot of the company's worth was tied up with the Norwegian EV maker. Any way you slice it, Think's failure put Ener1 in a bind. They were unable to collect on their debts, and their investments were suddenly worthless. Just recently, Ener1 was forced to restate their losses in 2010 from $69 million all the way up to $165 millio
The bankruptcy of Think Global is dragging Ener1 down even more, so an executive shake-up, it seems, is in order.
Ener1, a pioneer of lithium-ion batteries for plug-in vehicles, has warned that it might not have sufficient funds to remain operational as a result of losses from its investment in Think Global, a Norwegian automaker that declared bankruptcy in late June.
2011 Think City - Click above for high-res image gallery
Click above for more shots of the new Th!nk Ox and City
Having gone through the automotive equivalent of a near-death experience, we are happy to report that Th!nk is registering vital signs again and that the halted production of its sub-compact City is set to resume, sort of. The company is still on life support and the factory in Aurskog will be completing vehicles and making some parts for future cars rather than resuming a regular production schedule. The head of the "debt committee", Jo Rodin, said (in Google-translated English), "There will be