(Times of Israel) Israeli electric car firm Better Place, which hoped to revolutionize driving habits in Israel and worldwide, will file for bankruptcy in the coming week.
The trailblazing firm sought to accelerate a world motoring shift away from gas-guzzling cars to electric, battery-powered vehicles. But “the company was not well-served by having things it thought would happen over a decade happen within a year,” a source familiar with the company’s financial woes told Fortune on Friday.
He was referring, among other things, to the rapid rise of oil prices before the company could get its feet on the ground and construct battery-swapping stations for its cars, which depend on swappable batteries, in order to market them on a larger scale. “Ultimately the idea was always based around scale, and [Better Place] just didn’t build it fast enough or well enough,” the source said.