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No Better Place — Battery Swapping Company Going Bankrupt


Report of the decision to liquidate the pioneer of battery swap electric vehicles circulated over the weekend and were confirmed late Sunday, Australian time, by the board of directors of its major shareholder, Israel Corp.

“Since we could not find the right investors to partake in a significant proportion of the additional investment, Better Place will submit an application to the court regarding its liquidation,” the company said in a statement.

The decision comes just months after Better Place abandoned plans to open a network in Australia (following an earlier decision to abandon the US), and to focus on small networks in Israel and Denmark.

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