Better Place, the bankrupt electric car company, is being sold to Tzachi Merkur’s Success Group for 11 million shekels, The Jerusalem Post reported.
The Central District Court approved the sale of its assets after the original buyer, Green EV consortium, failed to meet the payment schedule. Green EV will keep Better Place’s intellectual property rights, however.
Success Group will have until September 30 to make its first payment, NIS 2M.
American-Israeli solar entrepreneur Yosef Abramowitz, head of Green EV, told the Post that his firm decided to hold onto the intellectual property rights because it “is the most valuable part of the portfolio,” enabling the possessor to bring an idea “made in Israel” around the world.
Green EV will be legally entitled to promulgate the innovations Better Place stood for: managed charging, battery swapping, smart charge points and onboard power management, Abramowitz said.