THINK's Rapid Expansion Continues with Two New Senior Executive Appointments

OSLO, NORWAY – July 9, 2010: THINK announces two senior appointments to its management team today, further strengthening its executive echelons in a time of very rapid growth for the company, with significant business developments across Europe, in the USA and Asia taking shape in the coming months.

Houtan Houshangi has joined THINK from McKinsey & Co., where he has spent much of the last decade working as practice and engagement manager, focussed primarily on operations management and lean manufacturing in automotive, assembly, transport, logistics, fast-moving consumer goods, banking and insurance.

At THINK, Houtan will concentrate on the company’s expansion into new markets around the world, concentrating especially on new business opportunities across Asia and the Americas, and expanding on THINK’s already established footprint in Europe.

Born in Tehran, Iran, Houtan holds a MSc in Industrial Engineering from Chalmers Technical University in Gothenburg, Sweden and has also successfully completed a three-year senior school automotive programme managed by Volvo Powertrain.

Eivind Garshol is appointed Director, Human Resources, and joins THINK from REC Wafer (a division of Renewable Energy Corporation ASA), where he was Vice President, Human Resources. Eivind comes with extensive experience in human resources within medium to large sized companies with operations all over the world, and was responsible for REC Wafer’s team of some 1,200 employees in both Scandinavia and Singapore during a period of massive growth for the company.

Prior to his role at REC Wafer, Eivind was Vice President and Head of Global HR Policies and Processes at Wallenius Wilhelmsen Logistics AS for some 3,500 employees all over the world, at operations across Europe, in the Americas, Asia and Oceania.

A Norwegian by birth, Eivind holds a degree in Political Science, History and Nordic Languages from the University of Oslo.

THINK CEO, Richard Canny, said: “We are growing really fast as an international operation, and we need the best corporate talent available to guide and manage this expansion around the world – I think we have this and more in Houtan and Eivind. It says something about THINK’s position in the corporate world when senior personnel from the likes of Mckinsey & Co are joining our ranks.”

He added: “Eivind’s international experience will be exercised to the maximum in the coming months with THINK’s busily growing portfolio of operations here in Europe, the USA and Asia becoming increasingly active into 2011. This is a very exciting time for these guys to have joined the company, and we are all delighted to have them on board.”

Houtan Houshangi is already in place at THINK’s new Oslo headquarters, and Eivind Garshol starts at the beginning of August.

European production of the THINK City is underway in Finland with manufacturing partner Valmet Automotive, which also assembles the Boxster and Cayman models for Porsche AG. Customer deliveries are taking place across Europe in selected key EV markets such as The Netherlands, Norway, Spain, Sweden, Austria and Switzerland.

THINK also recently announced plans to establish a U.S. production facility during 2011 in Elkhart County, Indiana, and is working with Japanese partner Itochu on developing operations in Asia.