Investors buying bankrupt Israel electric car firm

July 10, 2013
In this Sunday, Feb. 7, 2010 file photo, an electric car is seen during a demonstration of the California-based company Better Place in Tel Aviv, Israel. A group of investors announced Wednesday, July 10, 2013, has taken over the remains of Israel's bankrupt electric car venture, pledging to give the project another boost. The electric car company Better Place filed for liquidation in May, less than six years after unveiling a plan promising to revolutionize the auto industry by reducing the world's oil dependency. (AP Photo/Ariel Schalit, File)

A group of investors has taken over the remains of Israel's bankrupt electric car venture, pledging to give the project another boost.

The electric car company Better Place filed for liquidation in May, less than six years after unveiling a plan promising to revolutionize the auto industry by reducing the world's oil dependency.

As recently as last August, the company was valued at $2 billion.

On Wednesday, an Israeli court allowed a consortium that included Better Place car owners and entrepreneurs to purchase its assets for less than $12 million.

Efi Shahak, who heads Israel's electric car drivers association, said the group was committed to maintaining Israel's 2,000 charging spots and its battery swap services. He said the takeover gives "Israel a second chance to get it right."

Explore further: Hong Kong company completes purchase of Saab

Related Stories

Hong Kong company completes purchase of Saab

September 3, 2012

(AP)—A Hong Kong-owned company says it has completed the acquisition of bankrupt car maker Saab and will move ahead with its business plan to make electric cars under the Swedish brand.

Volkswagen shows all-electric four-seater at Wolfsburg meet

March 16, 2013

(Phys.org) —The Volkswagen e-up!, an all-electric city car, is not for sale just yet, but this week the first-ever Volkswagen production electric vehicle was "unveiled" at a press and investors gathering in Wolfsburg, Germany, ...

Recommended for you

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.