Buisness Insider

Another Electric Car Company Is Going Bankrupt

Better Place Headquarters October 2012 Tel Aviv Electric Car Charging 1

Electric car battery supplier Better Place plans to file for bankruptcy within the next few days, CNN Money reports.

Better Place was a proponent of battery swapping technology, which involves replacing an electric car's depleted battery, rather than charging it.

Saving that kind of time would be a huge boon for the electric vehicle industry, which is hamstrung by battery technology that keeps charge times long, range limited, and prices high.

Better Place, founded in 2007 by Israeli entrepreneur Shai Agassi, proved in 2010 it could swap out and replace a battery in under 60 seconds, far faster than even the best EV charging times.

According to the New York Times, Agassi, a former top executive at SAP, raised over $800 million in private capital from investors including HSBC, General Electric, and Morgan Stanley. It built a small network of stations in Denmark and Israel.

But between 2010 and February 2013, it posted $477 million in cumulative losses. That month, it announced it would close its operations in North America and Australia, and continue working in Israel and Denmark.

That move could not save it, however, and the electric vehicle market did not expand at the pace the company had expected, according to CNN Money.

"The company was not well-served by having things it thought would happen over a decade happen within a year," a source told CNN. "Ultimately the idea was always based around scale, and it just didn't build it fast enough or well enough."

This news comes as Tesla Motors — riding high after becoming profitable and paying off its loan from the Department of Energy — plans to announce news about its Supercharger network, where its customers can charge their car batteries halfway in 30 minutes, for free.

There is speculation that Tesla will announce a battery swapping scheme, which seems less likely now, given the expected failure of the company that had gone the furthest in making the technology a reality.

SEE ALSO: 29 Reasons Elon Musk Is The Most Badass CEO In America

Please follow Getting There on Twitter and Facebook.

Join the conversation about this story »

Twitter Facebook Linkedin Googleplus Email

read full article

Page 77 of 386

For latest CURRENT design & photos
Find Joysco Studio On Facebook

28 February 2012
Be Inspired: The Life of Heavy D (Documentary) FT. QUEEN LATIFAH AND MORE NARRATED BY...
16 April 2015
With summer on the horizon, you've got to be eyeing a pair of Nike Air Force 1s for the season. Of...
16 April 2015
After announcing the launch of TIDAL three weeks ago, Jay Z has finally released his own contribution to...
16 April 2015
Ciara released her very personal ballad "I Bet" earlier this year and with her new album,...
16 April 2015
The Boombox had a chance to sit down with Travis Porter shortly after their '3 Live Krew'...
16 April 2015
Record Store Day gets bigger and better every year and we can only expect it to grow as companies catch...
16 April 2015
Sure Knight was ordered to stand trial for murder and attempted murder charges during a preliminary...
16 April 2015
Read on as Bodega Bamz opens up about his new album, has-been rappers, the evolution of the New New...
16 April 2015
Eight years ago, Cam'ron stunned hip-hop fans and critics when he was interviewed on 60 Minutes and...
16 April 2015
Hip-hop is a relatively young genre, but these days, you're seeing many of the OGs make their...