Electric car company Better Place which had pledged to erect electric car charging stations throughout Israel said last Sunday it had filed a motion at Lod District Court to wind up the company, bringing an end to a venture whose battery charging network had aimed to boost electric car sales.
Founded by Israeli entrepreneur Shai Agassi in 2007, Better Place developed a system where electric-car owners could drive their vehicles into a network of stations around Israel and replace the car's battery with a new one in about the same amount of time it takes to fill a gasoline tank on a regular car.
Better Place had raised more than $850 million in investments since its founding in 2007, but it lost $812 million in 2012 alone and would have needed at least another four years and investment of some $500 million to reach a breakeven point.
Better Place’s end comes as a result of the company’s controlling shareholder, Israel Corporation, deciding against investing in Better Place’s upcoming financing round. Israel Corporation was unable or unwilling to commit the large amount needed to keep Better Place afloat after it was unable to find any other investors willing to invest.