Sunrise Fails to Make Payments on Better Place Buyout Deal

AUG 8 2013 BY MARK KANE 1

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Sunrise Ltd, lead by Yosef Abramowitz, had been approved to buy Better Place few weeks ago, but the transaction seems to be far from finalization.

According to a Globes article from the end of July, Better Place buyers failed to meet payments (18 million shekels or around $4.9 million US dollars) nor have the buyers completed due diligence of the company:

“Three weeks after the court approved the sale of the activities and assets of the Israeli and Swiss units of Better Place Inc. to Sunrise Ltd., the company is not meeting its payments. At today’s hearing at the Lod District Court, it was disclosed that Sunrise, headed by Yosef Abramowitz, Henry Shiner, and the Association for the Promotion of the Electric Car in Israel, has not yet raised the money to meet the payments for Better Place, nor has it completed due diligence of the company.”

A little further down the Globes article, we see that Sunrise promised to pay a small part:

“Sunrise executive Shiner has promised to pay NIS 2 million to Better Place’s liquidation account on Monday in order to close the deal. The payment, ordered by the court, will cover Better Place Israel’s salaries and rent.”

Who knows how this saga will end and is there really a Sunrise for Better Place?

Source: Globes

Categories: Battery Tech, General

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1 Comment on "Sunrise Fails to Make Payments on Better Place Buyout Deal"

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Anyone would be crazy to pay for Better Place. it is worthless.
It was a mistake from day one, no reason to try to keep it alive and waste even more money.

Blitz charge is the way to go. And the trick is light weight aerodynamic cars with agile battery chemistries so they can charge 50km in 5 minutes from existing chademo power levels.
And that is quite possible.

There is much too little cutting to the chase in this dense world. Noone listens, noone understands. Paddy cake retards wasting billions, nitwit politicians wasting decades, doing nothing. Other than starting wars based on lies.
When the solutions are so trivial…

“Only human stupidity is infinite” – Einstein