Bitter blow for EV industry as Better Place throws in the towel

When battery swap operator Better Place came to the market with a revolutionary new idea, swapping batteries very quickly as opposed to waiting while you recharge, it seemed to be a very good development for the electric vehicle industry. However, after using up the $850 million raised by the company since it began, the directors have finally decided to call it a day.

It seems that demand for this revolutionary new idea is not yet there although the decision by Renault not to use the “battery switching technology” in its more recent vehicles was also a body blow. While it is all doom and gloom at the moment there seems to be interest in the company’s technology and assets from “India and China”.