Investors Buying Bankrupt Israel's Electric Car Firm

Wednesday, 10 Jul 2013 12:53 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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."

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved