Israeli company Better Place went to a better place on Wednesday when the Lod District Court confirmed a purchase agreement of the bankrupt company.
Sunrise Ltd. and the Association for the Promotion of the Electric Car in Israel bought Better Place Israel's assets for 18 million shekels. They picked up Better Place Switzerland’s intellectual property for another 25 million shekels.
Sunrise is headed by Yosef Abramowitz who also co-founded Energiya Global Capital and Arava Power Company. There were high expectations for the Israeli-based Better Place company to revolutionize the automobile industry until its bankruptcy in May.