Electric Car Battery Swapping Startup Better Place Plans To Liquidate Forbes

21 мая 2014 | Author: | Комментарии к записи Electric Car Battery Swapping Startup Better Place Plans To Liquidate Forbes отключены
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Electric Car Battery Swapping Better Place Plans To

Better Place, a well-funded that dreamed of making as a pioneer in the electric car market, has a court to shut down the and begin a liquidation process.

The Valley company, which over $850 million in equity and once boasted of valued at $2.25 billion. to build a business of setting up charging and swapping stations. It was to prove its business model in and Denmark before filing for in Israel on Sunday.

The company had only been the charging networks in those two for about a year before it to quit. Bleeding money is for a business when it’s young, especially when it had to a lot of money to build a fueling and train consumers to become using it. But Better Place’s of directors said in a statement the company hadn’t been to attract enough customers to it to chart a path to profitability.

is a difficult day for all of us. We have come a way in order to bring about a vision. From the start, Place was a breakthrough for the infrastructure of the car industry and successfully completed the of its technology and infrastructure,” said Dan CEO of Better Place, in a statement .

Cohen said a lack of from car makers contributed to Place’s fall.

Better business proposition drew from the start. The company, in 2007, highlighted its plan to stations where drivers have their vehicles’ batteries replaced. They pay a monthly fee that entitles to the battery-replacement service whenever needed. It also aimed to charging stations where could top off their batteries, while they shop or

The startup’s executives were to leaders of many countries and cities to drum up interest in the business and help it overcome hurdles. The idea of swapping came with lots of obstacles, however.


For one thing, Place needed carmakers to their batteries and electric to make it easy to take out and those batteries. But getting to more or less standardize vehicle deigns was understandably Better Place lined up the Renault -Nissan Alliance as its and Renault engineered the Fluence sedan with Better in mind.

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But many other carmakers who rolling out electric cars bite.

Electric car sales haven’t accelerated as quickly as by some car makers and their suppliers. Meanwhile, some car startups are struggling. Fisker is on life support while Automotive recently filed for

Better Places’s founder, Agassi, was a charismatic executive who at raising funds. Agassi was out last year when the mounting losses prompted the to look for a new chief executive. Place was trying to raise million in last November. Its recent filing with the

Securities and Exchange Commission. Dec. 4, 2012, showed it had raised $50 million.

Better investors include GE, UBS UBS. Venture Partners and Israel Israel Corp .

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