Israel’s trailblazing electric car company Better Place announced Sunday that it is shutting down, less than six years after unveiling an ambitious plan that promised to revolutionize the auto industry by reducing the world’s dependency on oil.
Better Place was perhaps Israel’s best known clean-tech company and a leading symbol of its “startup” nation status. Israel, along with Denmark, was the company’s test market for developing nationwide networks of charging and battery-swapping stations that it hoped would eventually spread globally. But the company experienced repeated delays in getting off the ground and experienced weak demand for its cars after burning through millions of dollars.
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