Better Place Liquidation Starts

YERUSHALAYIM -

Liquidation of the Israeli pioneer electric car company Better Place proceeds apace, Globes reported on Tuesday.

The liquidators have petitioned the Central District Court to order the closing of four battery replacement stations within 24 hours as they begin streamlining operations that might yet make it possible to salvage the venture.

Better Place operates 38 battery replacement stations across the country, which enable owners of electric cars to drive anywhere in Israel without having to wait to recharge their car batteries.

In the petition, the liquidators said, “A review by the liquidators found that the current operating model of the battery replacement companies does not generate revenue for the companies, and involves current maintenance and operating costs of thousands of shekel a day for each station.”

Last week, Judge Ilan Shiloh ordered Better Place’s liquidators to keep the company running temporarily, while reducing expenses. They have already laid off some employees and shut down customer services.