Better Place To Be Sold For $11.8M

Israeli bankrupt electric car venture Better Place, which shut down late last May, is being acquired for NIS 43 million (approx. $11.8 million). An Israeli court approved the recommendation of Better Place’s liquidators, to sell the company’s physical assets for NIS 18 million and its intellectual property for an additional NIS 25 million.

The intellectual property is still subject to approval by better place’s Swiss seller. Better Place’s new owners will be Sunrise Ltd. and the Association for the Promotion of the Electric Car in Israel. The company has raised more than $850 million in its 6 years of operation and at one point was evaluated at $2.25 billion.