Electric car company Better Place shuts down after burning through …

16 Июн 2014 | Author: | Комментарии к записи Electric car company Better Place shuts down after burning through … отключены
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Electric car company Better shuts down after through $850M

Better  is the electric car company hoped to change the world its ambitious battery-swapping stations. But it said it s shutting down. The brings to an end arguably the most clean tech company attempted.

Entrepreneur Shai launched the company six years with the goal of creating a of stations where electric could automatically drop off batteries and switch in new ones resuming their journey.

The bet was risky because it required geographies indeed, entire to adopt the technology in order for it to successfully. The company chose countries like Israel and to test its model, but the company s costs kept mounting, and it delaying debuts. Also, a of competing electric car efforts, the venture by new company Tesla but by the Big 3 and other manufacturers, kept the from adopting any one standard.

Better Place raised $850 million from and it was valued at $2.25 billion as as two years ago. Investors Israel Corp. controlled by Idan Ofer, General HSBC Holdings, the European Bank, Morgan Stanley and Capital Partners.

Skeptics had wondered about the viability of the considering the limited range of its batteries and the large upfront required to build out its infrastructure. started gathering late year, when Aggasi was out. Then, earlier year, the company closed its Alto, Calif. headquarters to on Israel and Denmark.

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In part, financiers were to bet on the company because of Agassi s and track record. Agassi had TopTier, a leading enterprise vendor, when he was 25 and then the company for $400 million to enterprise company SAP in 2001. At Agassi quickly rose the ranks, and was widely considered to be the However, in 2007, when the CEO s contract was extended, Agassi to found Better Place.

His stated goal was to reduce the s dependency on oil.


Better Place became one of showcase companies, the leading for the country s claim to be the world s nation . Agassi received support from Israeli Shimon Peres.

However, than 1,000 of the project made it on to the road in Israel s

Morgan Electric Cars
Morgan Electric Cars
Morgan Electric Cars

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