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Better Place, Another Green Energy Company Bites the Dust

Posted by Steve Markowitz on May 27, 2013

The Wall Street Journal reported that Better Place Ltd. has filed for liquidation over the weekend.  This Israeli-based company had investors that included French automotive giant Renault, HSBC Holdings PLC, General Electric Company and Morgan Stanley.

Better placeBetter Place’s business strategy was to sell battery-operated electric cars, which instead of having batteries recharged at stations, would have them exchanged for fully-charged ones quickening the process.  Sound like a great idea?  Sure, but only if you are a crony capitalist chasing governments’ favored programs.

The reason Better Place failed involve a minor problem; lack of consumer demand.  According to its current CEO, Dan Cohen: “Unfortunately, after a year’s commercial operation, it was clear to us that despite many satisfied customers, the wider public take up would not be sufficient and that the support from the car producers was not forthcoming,”

Better Place joins a lengthy list green energy companies that have failed in recent years that include

A123 Received $249 million from the Department of Energy (DOE)  to produce batteries for electric cars.

Abound Solar Received $400 million DOE loan guarantee to build thin-film solar panels.

Beacon Power Received $43 million DOE loan guarantee to build flywheels for energy storage.

Ener1Received $118.5 million grant to produce batteries for electric cars.

Solyndra: Received a $535 million loan guarantee to build a factory for producing solar panels.

Nevada Geothermal PowerReceived a $98 million DOE-backed loan for a geothermal power plant.

Fisker AutomotiveReceived a $529 million DOE-backed loan to produce electric cars.

In 2009, Time magazine named Better Place’s founder and president Shai Agassi one of its top people of the year.  This was in keeping with the mainstream media’s promotion of Barack Obama and his green energy policies.  They, like the rest of the mainstream media, owe the American people an apology for unprofessional and biased reporting.  But we should not hold our breath.

Who is responsible for this waste of taxpayer money?  Who is being held accountable?  The answer to both questions is a telltale sign of a government out-of-control and uneducated electorate.

The same knuckleheads that decided to invest taxpayer dollars in the above listed failures have also created Obamacare.  If history is a reasonable judge, the results will be ugly.


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