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Better Place files for liquidation

If you've been following the green car industry over the last five years, then you will know all about Better Place, the battery swap innovator. Once seen as the leader of an exciting new concept that enjoyed a roll-out in countries such as Israel and Denmark, the company has now filed for liquidation.

Better Place has filed a motion with the Lod District Court in Israel to request that the company is dissolved and that a temporary liquidator be appointed.

Better Place Battery Swap

As part of its motion, the company outlined that it has been unable to raise further funds and the resources necessary to continue to operate. It therefore asked the court to help in protecting the rights of its customers, creditors and employees.

Speaking about the decision, CEO of Better Place Dan Cohen outlined that it was a "difficult day". He stated the company had come a long way in creating a global vision and that Better Place had been a breakthrough for the electric car industry. He described Israel as the first country where electric cars could travel without limitations.

However, he went on to state that after a year of commercial operation the wider public take up was not going to be sufficient and there was not enough interest from carmakers. As such, fundraising had not been forthcoming and now it has applied for temporary liquidation.

Speaking in an interview with Israeli business daily Globes, Dan Cohen outlined ownership of a car is different for every customer and with the customer not owning the battery this is the first issue that liquidators will need to address.

Better Place was able to raise $750million in four years after being founded in 2007. In November 2011, its value was $2.25billion and in August 2012 it earned a ?40million loan from the European Investment Bank, However, it began struggling during autumn last year when founder Shai Agassi resigned.

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Paul Lucas

Filed under: Latest News, Green Cars, Electric cars

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