Nadav in Better Place car_390.
(photo credit: Nadav Shemer)
The Central District Court on Sunday agreed to sell the assets of the defunct
Better Place electric car company to Tzahi Merkur’s Success Group for NIS 11
The decision came after a series of mishaps and mishandlings
prevented Green EV consortium, the original purchaser, from making payments.
Green EV will, however, retain Better Place’s intellectual property
The operational assets, being held by liquidators Sigal
Rosen-Rechav and Shaul Kotler, originally had a price tag of NIS 18m. The
intellectual property rights were registered in Switzerland.
Group will have until September 30 to make its first payment, NIS 2m.
court decision specified that the group would be responsible for continued
payments even if, for example, vehicles were not released to it by the state –
the problem Green EV cited for its failure to make payments.
agreed, however, that the purchase price could drop NIS 2m. if the Supreme Court
invalidated sales to customers of cars more than 12 months old.
will reconvene on Thursday at 1 p.m. to address remaining issues.
whoever takes over the operational assets already will have a license to use the
Better Place intellectual property in Israel, American-Israeli solar
entrepreneur Yosef Abramowitz, head of Green EV, told The Jerusalem Post that
the consortium’s decision to keep the intellectual property rights was critical
The intellectual property, he explained, “is the most
valuable part of the portfolio,” because of its ability to bring an idea “made
in Israel” around the world.
With the intellectual property, the
consortium will be able to spread the idea of managed charging, battery
swapping, smart charge points and onboard power management throughout the globe,
Abramowitz said. All of this could enable Israel “to be an ongoing catalyst to
promote the infrastructure to switch from polluting gasoline and diesel to
The Green EV consortium originally acquired both the
Better Place operational assets and intellectual property on July
During his opening remarks in court on Sunday, Abramowitz said that
the “liquidators misrepresented to us and our investors two key economic
“They claimed before we bid for the assets of Better Place that
the company has a database of all the drivers, who will pay in NIS 1m. a month,
and over 350 cars that we would be able to sell to help cover our costs,”
“Both turned out to be false. To date, they have
denied us the ability to sell cars and there was no database for us to bill the
drivers, so we and our investors were left out to hang. This is a miscarriage of
justice and we shouldn’t be paying the price.”
Following Green EV’s
acquisition of Better Place, Central District Court Deputy President Ilan
Shiloh granted the consortium an extension on an initial NIS 3.5m.
payment for the assets, because the Transportation Ministry had not yet renewed
the import licenses necessary to transfer 350 Better Place cars to the
Green EV had planned to sell the first 200 at NIS 70,000
each, for a total of NIS 14m., Abramowitz explained.
would-be purchaser Merkur-CCGI – made up of Tsahi Merkur’s firm Success Parking
and the Florida-based Car Charging Group, Inc. – filed a request to
the court at the end of July, saying that Green EV would not be able to stand by
its financial commitments.
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