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Israeli electric car company Better Place files for bankruptcy

( The once-promising electric car company
Better Place filed for bankruptcy this week in a Tel Aviv court, Israel Hayom reported.

Better Place founder Shai Agassi. Credit: Eirik Solheim.

After failing to raise the necessary capital to stay afloat,
Better Place’s leadership decided to liquidate the company.

Founded in 2007 by Israeli entrepreneur Shai Agassi, the
company developed a breakthrough system that allowed drivers of electric
vehicles to swap out batteries at various electric charging stations. Customers
could also buy subscriptions to purchase driving distance similar to how
customers buy minutes for cell phone airtime. But after launching in Israel and
Denmark, the company had difficulty keeping costs down.

in the past few months we have seen that the rate of entry into the market was
not as the company had thought and does not allow for its continued operation
and existence,” CEO Dan Cohen posted on the company’s Facebook page.

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Posted by on May 27, 2013. Filed under Israeli News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.