A consortium of US and Canadian investors has reportedly agreed to buy the now-bankrupt Israeli electric vehicle start-up Better Place founded by Shai Agassi.
The group will pay ILS 18m ($4.98m) for the business and a further ILS25m for the intellectual property, according to a report bin local newswire Haaretz, a fraction of the $1bn the company has raised since inception.
Launched in 2007, the aim was to create an electric vehicle charging infrastructure – starting as a city-wide concept in Denmark and Israel – that would allow batteries to be swapped in a way that mirrored how we use petrol stations today.
The Lod District Court has approved the deal, which includes Yosef Abramowitz, one of the owners of Arava Power,
He has reportedly partnered with Canadian businessman Henry Shiner with other investors said to include Better Place customers.
Majority-owned by Idan Ofer’s Israel Corp, after Agassi stepped down in October 2012 the company carried out some major structural shifts in an attempt to stay afloat.
While the business was at its peak valued at $1.25bn, it was forced to file for bankruptcy protection in May.
Yesterday an attorney involved in the liquidation process said, ‘It may look like this is a low price for a luxury boat, but you need to remember that this ship sank.’