Israeli startup buys up bankrupt electric car firm via AP News

Wednesday, December 11, 2013 at 8:53PM

November 21, 2013 JERUSALEM (AP) — An Israeli energy startup has taken over the remains of Israel’s trailblazing — and now bankrupt — electric car venture, the new owner said Thursday.

Ran Eloya, founder and CEO of Gnrgy Ltd., said his company bought the remaining assets of Better Place for less than $450,000, a fraction of its $2 billion valuation less than two years ago.

Better Place filed for liquidation in May, six years after promising to revolutionize the auto industry by reducing the world’s oil dependency. The company burned through hundreds of millions of dollars building a network of chargers and battery-swapping stations, but experienced poor sales.

For the entire story on BloombergBusinessWeek