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Will the sun shine again on liquidated electric car company?

SunRaise solar power consortium, led by U.S.-born Yosef Abramowitz, buys Better Place assets in an attempt to breathe new life into electric car venture in Israel • The liquidated company, valued at $2 billion, is bought for less than $12 million.
Israel Hayom Staff

Can the new investors do better?
Photo credit: Better Place

A group of investors has taken over the remains of Israel’s bankrupt electric car venture, pledging to give the once-vaunted flagship project another boost.

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 would give Israel “a second chance to get it right.”

Yosef Abramowitz, the head of the SunRaise group, which acquired Better Place, said in an interview with Forbes Israel that the battery changing stations would service every electric car in the world.

“Israel is the only country that has a network like this already in place,” he said.

Abramowitz, who co-founded Israel’s Arava Power and is head of solar power field developer Energiya Global Capital, along with Israel’s electric vehicle association will pay 18 million shekels ($4.9 million) for Better Place’s Israeli assets.


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