Israeli Vision for Electric Car Fades as Better Place Pulls Plug
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Better Place LLC, the electric car venture backed by Israel’s President Shimon Peres as a way to wean the world off oil dependence, will shut down after failing to attract new investments.
Better Place, which in January 2012 started its first commercial roll-out with 100 electric cars to Israeli customers, filed a motion for liquidation with the Lod district court today, according to an e-mailed statement from the company. Billionaire Idan Ofer’s Israel Corp., the largest investor in the company with an about 30 percent stake, said in a separate statement its board decided against the investment.