The Better Place electric car company, once the very symbol of Israeli green innovation, filed for bankruptcy on Sunday asking the Lod District Court to dissolve the company.
“Despite significant efforts over that time frame, revenues are still insufficient to cover operating costs, and in the light of the continued negative cash flow position, the Board has decided that it has no option but to seek to make this application to the Courts for an orderly liquidation of the company,” the company announced.
“This is a difficult day for all of us,” said Better Place CEO Dan Cohen. Despite its innovative vision and accomplishments, he said, the company was not financially viable. “Unfortunately, after a year’s commercial operation, it was clear to us that despite many satisfied customers, the wider public take up would not be sufficient and that the support from the car producers was not forthcoming.”