The warning signs have been clear for a long time but The Register is reading the last rites over the Better Place electric car fiasco which we gullible rubes in Canberra have been taken in.
That vision helped the company to raise many hundreds of millions of seed capital. Renault clambered aboard too, building the Fluence ZE to Better Place’s specifications.
The company opened in Australia, the USA, Demark and Israel but struggled in all markets, sending its CEO’s seat swivelling and its cash pile burning.
Over the weekend, current CEO Dan Cohen pulled the plug.
His canned statement says he’s tried to turn the company around, but “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.”