International technology entrepreneur, Boris Zingarevich has purchased electric car manufacturer, Think Global after it had filed for bankruptcy.

Zingarevich, whose investment operations are based in St Petersburg, Russia, was selected as the winning bidder. He has signed a memorandum of understanding with American advanced lithium-ion battery maker Ener1 and Finnish automobile engineering and manufacturing concern Valmet Automotive to cooperate in relaunching Think Global.

He has also acquired the assets of Think UK and Think America in the transaction. The new company marketing Think brand products will be named Electric Mobility Solutions AS. A new sales and service structure for Think will be announced soon. The production restart, with a refined version of the Think City model, is scheduled to begin in the first quarter of 2012.

Ener1 and Valmet were the senior secured creditors of the company when it filed for bankruptcy after failing to raise adequate capital to continue financing operations. Ener1 and Valmet are negotiating stakes in the company on the basis of a debt restructuring. Zingarevich has been a major investor in Ener1 since 2002 and provided bridge funding for Think while the company attempted reorganization before filing for bankruptcy.

"Having achieved the position of one of the world's most highly regarded electric vehicle products, the Think brand is a valuable asset that deserves to continue its key role in the global shift to electrification," said Zingarevich.

"With the potential of working with the leading American lithium-ion battery maker and Europe's top automobile engineering and manufacturing company, I believe we could have exactly the right combination and value chain to ensure that the brand will be increasingly competitive in the worldwide electric vehicle market," he added.