Better Place's plan for electric cars with swappable batteries is coming to an end. Despite a change in leadership and a streamlining effort over the past six months, the Israeli EV maker has filed a court motion for liquidation, citing insufficient cash to continue operations and a failure to raise the necessary funds. According to Israel Corporation, the firm's controlling shareholder, other investors willing to pitch in the vast amount of money needed couldn't be found. With approximately $812 million lost in operations and deploying battery exchange stations since 2007, and $454 million of that within 2012 alone, it's estimated that just recouping those loses would take $500 million and four years.
"Unfortunately, after a year's commercial operation, it was clear to us that despite many satisfied customers, the wider public take up would not be sufficient and that the support from the car producers was not forthcoming," said Better Place CEO Dan Cohen. Sure, it might be curtains for the company, but the existing battery network looks like it might live on, as the liquidator is being asked to "maintain the functioning of the network."
[Thanks, Michael]
Filed under: Transportation
Via: Globes
Source: Better Place
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