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Bankrupt Electric Car Company Better Place Sold For $12 Million After Raising $786 Million

Better Place is an Israel-based electric car company that has raised $786 million in funding plus $50 million in debt, but they filed for bankruptcy in May. A company called Sunrise has acquired the company for $12 million. Sunrise is led by Yosef Abramowitz and the Association for the Promotion of the Electric Car in Israel. Sunrise is going to pay 18 million Israeli shekels ($5 million) for the Better Place’s assets and 25 million Israeli shekels ($7 million) for their intellectual property.

Sunrise was one out of two bidders for Better Place. The other bidder is a consortium of companies that includes Success Parking Ltd. and electric car charging company Car Charging Group Inc.
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