Electric car firm Better Place to be wound up

Electric car company Better Place said yesterday it had filed a motion in an Israeli court to wind up the company, bringing an end to a venture whose battery charging network had aimed to boost electric car sales.

Better Place partnered with Renault in 2008 to create an electric car system combining charging terminals with battery swap stations to increase the range of electric cars and put an end to drivers’ worries about running out of power.

It raised more than $850m (€657m) from top-tier investors and just two years ago said it was valued at $2.25bn.