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More on Better Place collapse: shocking figures revealed

The plight of battery swap innovator Better Place was confirmed earlier this week when the company filed for liquidation (see article): and now the true extent of its startling collapse has been revealed.

Financial statements have highlighted that the company lost $459million last year alone, with just $6.9million in sales.

Better Place Battery Swap Station

The company had raised funding in excess of $900million and boasted assets of $9.5million, with supplier liabilities at $40million. However, its cumulative losses reached a staggering $812million.

According to PrivCo CEO and corporate lawyer Sam Hamadeh, Better Place has little chance of being reorganised under Israeli bankruptcy law, and this is the main reason why it was placed in liquidation. There is no automatic seniority for lenders which makes a reorganisation almost impossible unless all creditors agree: as such, Better Place has no access to capital and is forced to liquidate.

In addition, an auditor's report in March found that Better Place suffered "recurring losses" and that its net capital deficiency "raises substantial doubt about its ability to continue.".

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Paul Lucas

Filed under: Latest News, Green cars, Electric cars

1 comment

Jason Gein

BETTER PLACE INC. Lost $459M In 2012 w/ Just $6.9M in Sales (PrivCo's Excl. Financial Documents Reveal)…

Better Place Financial Report:
http://www.privco.com/private-company/better-place-inc

Image of actual original Better Place Annual Reports! (Number look awful, yikes):
pic.twitter.com/AvvxxVl74I

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