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 |  Jul 26 2011, 3:00 PM

The Norway-based electric car maker Think has been acquired by one of its investors, Russian businessman Boris Zingarevich, who plans to relaunch Think.

The electric automaker has filed for bankruptcy for the third time last month after failing to secure finances to continue operating. The automaker released a statement today, regarding a court-appointed trustee choosing Zingarevich as the winning bidder for Think’s assets. The assets will also include Think North America and Think U.K, which are separate entities and had not filed for bankruptcy.

This move has created a new Norway-based company called Electric Mobility Solutions and rescued Think from shutting down. The company has plans to restart production of the Think City electric town car in the first quarter of next year. The Think City is a highway-capable sedan, made with a plastic shell and has a range of around 100 miles. The price of the City EV is projected to be around $35,000 and targeted towards urban commuters.

“With the potential of working with the leading American automotive 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,” Zingarevich said in a recent statement.

[Source: Car Tech]