While I'm conducting funeral services, I've been lax in noting the demise of electric car company Better Place, which has gone out of business - Better Place's Failure Is Blow to Renault. Tesla motors appears to be adopting some of their business model - Building an EV Ecosystem: Why Tesla Will Likely Succeed Where Better Place Failed.
The financial collapse of electric-car venture Better Place Ltd., which filed for liquidation over the weekend, is a blow for French automotive group Renault SA, RNO.FR +2.37% which helped the Israeli company develop its novel battery-switching system for electric cars.
Founded by Israeli entrepreneur Shai Agassi in 2007, Better Place developed a system where electric-car owners could drive their vehicles into a network of stations around Israel ILCO.TV +0.05% and replace the car's battery with a new one in about the same amount of time it takes to fill a gasoline tank on a regular car.
The "quick drop" system was supposed to remove one of the main obstacles to the adoption of electric vehicles, namely the several hours it takes to recharge a flat battery.
Renault CEO Carlos Ghosn had championed Better Place's technology as one of the pillars of the French auto maker's ambitious €4 billion ($5.17 billion) electric-vehicle strategy. The first cars equipped with Better Place technology were Renault Fluence Z.E. sedans.