It was perhaps the biggest startup failure in Israel’s history. Five years of bombastic hype. $850 million of funding burned. Networks planned in at least seven countries. A founder who spoke of changing the world.
A consortium of drivers led by solar energy entrepreneur Yosef Abramowitz will buy Better Place, the bankrupt Israeli electric car company.
It was supposed to be the car of the future, a near-silent, battery-powered vehicle that would wean the West off its dependence on Middle Eastern oil and save the environment in the process.
As we witness the latest attempts to restart the comatose peace process between Israel and the Palestinians, we heard last week about the shutting down of Better Place, the much-ballyhooed Israeli venture that aimed to revolutionize the world of electric cars.
Shai Agassi, the Israeli-American founder of Better Place, which is bringing electric car charging stations to Israel, was ousted as the company's CEO.
An electric car venture set to launch a nationwide network in Israel raised another $200 million from U.S. investors.