Electric Car Company Better Place Files for Bankruptcy
Better Place is an electric car company based in Israel that has filed for bankruptcy. Better Place’s battery swap technology allowed vehicles to drive long distances using electrical power. Better Place filed for bankruptcy on May 26th, 2013, which is six years after the company was founded former SAP executive Shai Agassi.
Better Place filed a motion with the Lod district court for a dissolution that would protect employees after losing almost $850 million in investment money. In the last 6 months, the company attempted to seek more funding and resources to continue running the company. But the company fell short in terms of fund-raising and revenue generation.
“This is a very sad day for all of us. We stand by the original vision as formulated by Shai Agassi of creating a green alternative that would lessen our dependence on highly polluting transportation technologies. While he was able with partners and investors to overcome multiple challenges to demonstrate that it was possible to deliver a technological solution that would fulfill [sic] that vision,” wrote the company on their website. “Unfortunately, the path to realizing that vision was difficult, complex and littered with obstacles, not all of which we were able to overcome. The technical challenges we overcame successfully, but the other obstacles we were not able to overcome, despite the massive effort and resources that were deployed to that end.”
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry