Follow-up nation?
The move will come seven months after the ouster of charismatic founder Shai Agassi, and five months after his successor -- Evan Thornley, CEO of Better Place Australia -- also departed.
Agassi also was a significant shareholder in the company, which had raised more than $700 million from firms like HSBC, General Electric (GE), Israel Corp., Lazard Asset Management (LAZ), Morgan Stanley (MS) and VantagePoint Capital Partners.
Better Place originally launched in late 2007 to build out a network of battery-swapping stations for electric cars (basically a twist on charging stations). Its premise was that the electric car market would eventually take off thanks to rising oil prices and the decline of traditional automakers. And, when that happened, Better Place already would be built out and ready to serve.
But when oil hit $125 per barrel and General Motors (GM) filed for bankruptcy within just 18 months into Better Place's existence, it failed to successfully execute.Read the whole thing.
One of the largest holders of Better Place is Israel Corp., which held one third of the company until Better Place raised $100 million in November 2012(!), much of which came from Israel Corp.
The Israeli business journal Globes also reported yesterday that Better Place’s main investor Israel Corp had been mulling over whether Better Place will be able to continue its operations.
The Globes piece estimated that Better Place would need another four years and $500 million to reach break even. Better Place just raised $100 million back in November 2012, with much of it coming from Israel Corporation. Before that deal, Israel Corp owned about a third of the company and held a $160 million loss.I haven't seen anywhere how much the US government poured into Better Place, but it's not an insubstantial amount.
Labels: Cleantech, Israeli high tech
posted by Carl in Jerusalem @ 1:29 AM
3 Comments:
This partnership is proof that by working together, we can achieve our goals of creating a healthier planet while boosting our economy at the same time." br/ br/ "Creating an energy-independent economy is our generation's moon-shot," said Robert F. Kennedy, Jr., Venture Partner and Senior Advisor, VantagePoint Venture Partners.
Morgan Stanley seems to have 'invested' big time in the comp.
Electric car technology will not be ready for prime time until there is a long trip mileage solution.
In the meantime, follow what's happening with propane gas technology in cars. Clean and cheap. At least 3 different technologies based on gas are vying for the top spot but eventually one will emerge the winner.
Why Natural Gas-Powered Vehicles Are Catching On.
This is what Israel should be doing big time, considering our gas field finds. Cheap energy, available technology, cleaner air.
And the sooner the better.
israel should use electric scooter !
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