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May 26, 2013 09:26 pm GMT
Better Place, the Tel Aviv- and based electric car battery technology company that's raised more than $800 million in venture capital funding since its 2007 inception, confirmed today that it has filed a court motion to dissolve and liquidate the company after attempts to raise more funds fizzled. The impending bankruptcy was first reported by Fortune's Dan Primack last week.The official announcement from Better Place came just after its majority shareholder, Israeli conglomerate Israel Corp., announced its decision "not to participate in the investment round offered by Better Place to its investors" adding that a liquidation application would soon be filed "since there were no investors who were willing to participate in a substantial amount in an additional investment round in Better Place."
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/tQw8cchPlyA/
Electric Car Tech Company Better Place Hits The Deadpool, As The Greentech Shakeout Continues
Better Place, the Tel Aviv- and based electric car battery technology company that's raised more than $800 million in venture capital funding since its 2007 inception, confirmed today that it has filed a court motion to dissolve and liquidate the company after attempts to raise more funds fizzled. The impending bankruptcy was first reported by Fortune's Dan Primack last week.The official announcement from Better Place came just after its majority shareholder, Israeli conglomerate Israel Corp., announced its decision "not to participate in the investment round offered by Better Place to its investors" adding that a liquidation application would soon be filed "since there were no investors who were willing to participate in a substantial amount in an additional investment round in Better Place."Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/tQw8cchPlyA/
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