The sparks continue to go out: Better Place sells assets and operations for NIS 43M
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Credit: Screenshot from company website

It’s part of the nature of dreams that no matter how intense and powerful they may seem while having them, they tend to quickly and quietly fade away once woken up

Credit: Screenshot from company website

Credit: Screenshot from company website

It’s part of the nature of dreams that no matter how intense and powerful they may seem while having them, they tend to quickly and quietly fade away once woken up.

So it seems with the $786M dream of Better Place for a better place, where oil rich demagogues would have to relinquish their holds on markets and market dependent populations, and the environment would have a chance to heal itself as the world over switches from oil to electric.

If not the dream itself, at least Better Place’s role in it continues to peter out toward its anticlimactic conclusion with the sale of its remaining assets and operations in Israel, as well as its intellectual property in Switzerland, for a combined total of $12M to Sunrise Ltd. and the Association for the Promotion of the Electric Car in Israel.

Liquidators Sigal Rosen-Rechav and Shaul Kotler received permission today to sell off the last of Better Place Israel’s assets and operations for an estimated NIS 18M while the same buyers will purchase Better Place Switzerland’s intellectual property for NIS 26M – pending approval by the Swiss seller.

Skeleton company, skeleton crew

The deal comes with a commitment to continue running select Better Place Israel operations which will include the upkeep of at least 15 Better Place changing stations, a move likely intended to curry favor with Better Place car owners and hopefully avoid another damaging civil suit on their behalf. The buyers also promised to keep on 50 out of the companies remaining 85 employees, and (astoundingly) included the sale of more electric cars as part of its definition of ‘continuing operations’. Additionally, the purchase cash will be paid this quarter and come with no strings attached.

It’s not much considering the place where Better Place started out from, but the old adage of beggars and choosers seems to hold sway with the liquidators, and quite frankly, who can blame them.

 

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Avi Schneider

About Avi Schneider


Global editor and writer for Geektime, author of the book ‘How To Fight For Your Goals: Social Combat Theory’ and the SocialCombatMedia.wordpress blog, founder of Cluboom and former senior writer for Blonde 2.0. Schneider is an orthodox Jew, husband, father, martial artist, writer, speaker – overall Jack of all trades and a master of jack (but working on it).

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