May 26, 2013

Electric car startup Better Place liquidating after $850 million investment



In 2008, Better Place partnered with Renault to build an electric car and create a system of battery swapping stations, but the concept never gained momentum.

Better Place wanted to make the world a better place by replacing gas stations with battery switching stations that would remove the driving mileage limitations from electric cars and eventually rid the world of fossil-fuel burning vehicles. But after six years and burning through $850 million, the company is filing for liquidation in an Israeli court.