An Israeli court approved the sale of failed electric car venture Better Place’s Israeli assets to a group led by solar energy entrepreneur Yosef Abramowitz for a fraction of the company’s value of more than $2 billion.
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.
They will also pay 25 million shekels for the intellectual property of Better Place Switzerland, Abramowitz said in a statement on Wednesday.
Better Place in May filed a motion in an Israeli court to wind up the company, bringing an end to a venture whose battery charging network had aimed to boost electric car sales.
Better Place partnered with Renault in 2008 to create an electric car system combining charging terminals with battery swap stations to increase the range of electric cars and put an end to drivers’ worries about running out of power.
It had raised more than $850 million from top-tier investors and two years ago said it was valued at $2.25 billion.
Abramowitz said he planned to refocus the company to include various types of electric cars and was seeking new investment of as much as $36 million.
“Our vision is to transform the charging network into an open, national technology and service platform for all current and future electric vehicles,” he said. “We look forward to Israelis soon driving and charging Teslas and other electric vehicles that will save money for both drivers and government, fight climate change and keep our air clean.”
Abramowitz, who will co-chair the new version of Better Place, said commitments have been secured for 25 percent of the funds needed to operate the company for the next two years.
The company expects to break even within two years as more electric cars are bought by Israeli consumers, fleets, the government and military.
