Better Place to wind down N.A. operations
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Better Place has racked up $477 million in cumulative losses since 2010 and expects to continue incurring losses and negative cash flow. |
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Electric vehicle technology provider Better Place, saddled by rising losses and negative cash flow, will wind down operations in North America.
It will also limit operations in Australia to its current commitments, shifting focus to Denmark and Israel, where it operates EV battery charging and swapping networks.
Shai Agassi, a former executive at software company SAP, founded Better Place five years ago in Palo Alto, Calif., to foster EV adoption. Agassi was ousted last October after the company reported wider losses.
CEO Dan Cohen said Better Place technology remains viable but added that “we need to prove to our customers, suppliers and investors that we have a sustainable, scalable model.” To do so, the company will focus on operations in Israel and Denmark.
“At the same time, we have to make some difficult decisions on actions to be taken elsewhere in the world,” Cohen said. He added that Better Place “will keep exploring solutions which will enable us to keep our long term options with regard to those markets open.”
Based in Tel Aviv, Better Place has racked up $477 million in cumulative losses since 2010, The New York Times reported.
Israel Corp., which owns about 30 percent of Better Place, has also warned the company is expected to continue incurring losses and negative cash flow.
