1 Comment

Summary:

After filing for bankruptcy, electric car startup Better Place has now been sold for $12 million to a group that includes a solar entrepreneur, a Canadian businessman and Better Place car owners in Israel.

Better Place Israel

A little over two months after electric car startup Better Place filed for bankruptcy, the company — which raised around $850 million over its lifetime — has now been bought out of bankruptcy for around $12 million. Local business news media in Israel, Globes and Haaretz, report that a group called Sunrise, which is led by solar entrepreneur Yosef Abramowitz, and will include owners of Better Place cars in Israeli, has won the bid for the bankrupt company.

Reportedly there were 70 companies that had expressed interest in buying up Better Place’s assets, and there was another group that had made to the final round of the bidding process with Sunrise, which was a group led by business man Tsahi Merkur, the owner of Success Parking. Sunrise is also led by Canadian businessman Henry Shiner.

Abramowitz is the co-founder and CEO of Energiya Global Capital and the President and co-founder of Israeli solar company Arava Power. Arava Power has a goal to supply 10 percent of Israel’s electricity with solar.

The $12 million bid that includes both Better Place’s charging stations and intellectual property is a sober deal for the company. The Globes piece estimated that Better Place would have needed another four years and $500 million to reach break even before it filed for bankruptcy.

  1. Eco PACT is the parent company of Eco Aluminum Pallets, Eco Container Systems and Eco Tracking. Our companies manufacture solution driven sustainable products for the packaging, storage, shipping, distribution and manufacturing industries.

    Eco Aluminum Pallets and Eco Container Systems are designed for strength, longevity, safety, product protection and substantial savings with remarkable ROI’s. We offer a limited 10-year warranty on our pallets and custom manufacture pallets and containers to meet your specific specifications. Our tracking solutions are truly unique and include state-of-the-art Bluetooth tracking.

    Eco PACT products are 100% recyclable and repairable. Eco Container Systems attach seamlessly to an Eco Aluminum Pallet. In a matter of seconds, the container system can assemble or fully collapse for storage and future use. Eco PACT allows the customer to turn their pallet liability budget into an asset for their company.

    MISSION STATEMENT:

    To provide a clean, safe, durable and cost effective packaging and tracking solution to all industries and manufacturing in the U.S. and around the world.

    Sincerely,

    Devin Reginato – Director of Sustainability, Eco PACT

    Share

Comments have been disabled for this post