Electric Car Venture Better Place To Shut Down

Israeli electric car venture Better Place has decided to shut its door. The reasons for shutting the company down are mainly do too sluggish sales and an unsuccessful financing round. According to Reuters, the company raised more than $850 million from top-tier investors and just two years ago said it was valued at $2.25 billion.

The company was founded in 2007 by Shai Agassi, who served as the companies CEO until his resignation in 2012. The company partnered with Renault in 2008 to create an electric car system combining charging terminals with battery swap stations to increase the range of electric cars and put an end to drivers’ worries about running out of power.