July 10, 2013
Yosef Abramowitz consortium will buy Better Place
A consortium of drivers led by solar energy entrepreneur Yosef Abramowitz will buy Better Place, the bankrupt Israeli electric car company.
The consortium, made up of owners of Better Place cars, will purchase the company’s Israeli assets for less than $5 million and its intellectual property in Switzerland for less than $7 million, according to Israeli reports.
The consortium plans to keep open 15 Better Place charging stations and to employ at least 50 people. The Times of Israel reported that Abramowitz wants to make the car company a national infrastructure project, which would provide it with benefits.
Founded in 2007, Better Place declared bankruptcy in May after losing $800 million.
[Related: David Suissa on Israel's Better Place]
Abramowitz is a co-founder of the Arava Power Company, a solar power provider in Israel’s Negev Desert.