Israel's Better Place Has Lost a Total of $812 Million Since Its Founding

The electric-car company founded by Shai Agassi lost $251 million in Q4 of 2012 and nearly double that over the year as a whole.

Better Place, which builds charging infrastructure for electric cars, say it lost $251 million in the last quarter of 2012. Losses in the parallel quarter of 2011 came to $73 million. The company, which was founded by Shai Agassi and whose biggest shareholder (30%) is the Israel Corporation, lost a total of $454 million in 2012, bringing its losses since its establishment to $812 million.

The loss in the last quarter of 2012 included a $191 million provision for restructuring and for decline in the value of investment in Israel; of that, $179 million was for the decline in the value of its activity in Israel. The company did not book a charge on its activity in Denmark.

As of year-end 2012, the value of Israel Corporation's holding in Better Place had shrunk to $16 million.

In November 2012 and February 2013 Israel Corp. invested $66 million in Better Place convertible notes.

Reuters