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."