Shai Agassi Returns With New Company Newrgy
Shai Agassi, the founder and CEO who was highly successful in raising money, but not so successful in execution at Better Place has found a better place – Newrgy.
Newrgy seems to be another start-up. Its website tells us that company is in “Stealth Mode” and shows some photovoltaic arrays.
Its name, Newrgy, indicates a connection to the Energy sector.
According to Globes article, this will be an electric public transport company targeting government and municipal customers (oh yeah).
“A year after the liquidation of his Better Place electric car venture, entrepreneur Shai Agassi is planning a comeback with a new venture in the environmentally friendly energy field: Newrgy. The size of the Agassi’s new company’s financing round and who will provide the initial financing are not yet known.”
At the end of June, Agassi was seen under the title of Newrgy founder and CEO at a conference on alternative solutions for municipal transportation organized by the Frost and Sullivan consultant firm in London.
“Former Better Place executives believe that Agassi’s new company is likely to focus on electric public transportation, especially mass transit, a field in which government and municipal financing is important. The company is likely to combine several technologies and principles for regulation of battery charging developed by Better Place, but will probably not market to private consumers initially; it will aim its efforts at government and municipal customers, such as the Greater London Authority. When Better Place was active, the company ran several pilot mass transit programs for electrical taxicabs with replaceable batteries in Tokyo and Amsterdam. These were considered successful at the time, and attracted great interest among municipalities and governments.”