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Israeli Startup Buys Up Bankrupt Electric Car Firm

Thu, 11/21/2013 - 2:05pm

JERUSALEM (AP) -- An Israeli energy startup has taken over the remains of Israel's trailblazing — and now bankrupt — electric car venture.

Ran Eloya, founder and CEO of Gnrgy Ltd., said Thursday his company bought the remaining assets of Better Place for less than $450,000, a fraction of its $2 billion valuation less than two years ago.

Better Place filed for liquidation in May, six years after promising to revolutionize the auto industry by reducing the world's oil dependency. The company burned through hundreds of millions of dollars building a network of chargers and battery-swapping stations, but experienced poor sales.

Eloya said his company would maintain the 1,800 public charging spots to service Israel's more than 1,000 electric cars. But he said he would not sell cars or provide battery-swap services.

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