JERUSALEM (Reuters) -- Electric car venture Better Place said it had filed a motion in an Israeli court to dissolve the company and sought to appoint a temporary liquidator.
The decision came after the company failed to raise enough funds to cover operating costs and despite making fundamental structural changes in recent months, Better Place said.
"This is a difficult day for all of us. We have come a long way in order to bring about a global vision," CEO Dan Cohen said in a statement on Sunday.
"Unfortunately, after a year's commercial operation, it was clear to us that despite many satisfied customers, the wider public take up would not be sufficient and that the support from the car producers was not forthcoming," he said.
Better Place partnered with Renault in 2008 to develop an electric car network that combined charging terminals with battery swap stations to increase driving range.
Renault said Better Place represented a "very minor" amount of its total investment in electric vehicles and Better Place's decision does not call into question the EV strategy of Renault and alliance partner Nissan. "We're not talking about significant investment at all," Renault's Asia-Pacific director, Gilles Normand, said on Monday.
Better Place technology was deployed with much fanfare last year in Israel and Denmark and there were plans to expand into Australia. But sales never took off. In November it reported an accumulated deficit of $561.5 million.
"Revenues are still insufficient to cover operating costs, and in the light of the continued negative cash flow position, the board has decided that it has no option but to seek to make this application to the courts for an orderly liquidation of the company," the company said on Sunday.
"The management is requesting the voluntary liquidator once appointed to decide as quickly as possible to award compensation to customers and staff and maintain the functioning of the network," it said.