Wednesday, October 1, 2014
Inquirer Daily News

Electric car firm blows $850 million, fails

Shai Agassi's Better Place bankrupt, to liquidate; Israel Corp., HSBC, GE, Morgan Stanley burned

Electric car firm blows $850 million, fails

Better Place, which raised $850 million from Israel Corp., HSBC, GE, Morgan Stanley and other big investors to bulid a world network of electric cars linked by local charging stations, has filed for bankruptcy liquidation, eight months after founding impresario Shai Agassi was forced out as reported losses topped $561 milion,, Reuters reports here. Filing here.

Better Place had partnered with French carmaker Renault and the governments of Israel and Denmark to start work on its stations, but few drivers signed up for the service. "This is a difficult day for all of us," ceo Dan Cohen said in a statement. "Despite many satisfied customers, the wider public take-up would not be sufficient." 

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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