American-Israeli green entrepreneur Yosef Abramowitz failed in his bid to buy the bankrupt electric car company Better Place.
Abramowitz’s company, Green EV Operation, on Sunday could not make a monthly payment of $1 million to Better Place’s liquidator.
Last month Abramowitz, in partnership with the Association for the Advancement of Electric Transport in Israel, won a bid to buy Better Place’s Israeli infrastructure and intellectual property for about $11 million.
The demise of Shai Agassi’s Better Place rattles a ‘Start-up Nation’ accustomed to success.
Tel Aviv — In recent years, the Better Place electric car startup and its visionary Shai Agassi have been synonymous with the daring and genius of Israeli tech entrepreneurs. The story of its founding even served as the introduction to the best-selling book “Start-Up Nation.”
Shai Agassi, the Israeli-American founder of Better Place, which is bringing electric car charging stations to Israel, was ousted as the company’s CEO.
Agassi will remain a member of the Better Place board, the company announced Tuesday. He is being replaced by Evan Thornley, currently head of the company’s Australian unit
Better Place, based in Palo Alto, Calif., raised more than $750 million in investments since it was founded in 2007. In that same time, the company has lost $490 million, according to the Wall Street Journal.