Better Place, the electric-vehicle battery-swapping technology developer, is swapping out its US and Australia operations to save cash and will focus its efforts on Denmark and Israel.

The company, which had operated offices in California's Silicon Valley, referred to Denmark and Israel as "its two core markets" and says sales there "are gathering momentum." Better Place started deliveries of Renault Fluence Z.E. EVs in Israel last January and said last summer that its vehicles had exceeded one million kilometers (625,000 miles) using battery-swapping stations in Israel and Denmark.

Last month, the company said CEO Evan Thornley had stepped down after just four months on the job. Thornley, who has been succeeded by Dan Cohen, had been head of Better Place's Australia operations before replacing founder Shai Agassi in October. The company reportedly amassed more than $560 million in losses since its 2007 founding. Check out Better Place's press release below.
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BETTER PLACE TO FOCUS ON ISRAEL AND DENMARK IN NEAR TERM

Tel Aviv - Following the decision by Better Place to focus on delivering on its strategy in Denmark and Israel, where the complete infrastructure is in place and commercial operations are fully underway, consultations are underway with a view to securing an orderly wind-down of its non-core activities in North America and limiting any further investment in Australia beyond its current commitments.

The company's priority in those markets is to ensure that existing engagements to key partners, customers, and suppliers will be honoured and Better Place retains the option to resume roll-out in these markets when circumstances permit. Better Place is committed to finding alternative arrangements for existing customers in these markets, allowing them to continue the joy of anxiety free, electric car driving.

Better Place continues to make progress in its two core markets, Denmark and Israel, where sales of new electric cars are gathering momentum. Better Place is working with its existing and potential partners on a number of marketing and other initiatives which should further accelerate recruitment of new members.

Dan Cohen, CEO of Better Place, said today: "We have demonstrated that Better Place works as a concept. We need to prove to our customers, suppliers and investors that we have a sustainable, scalable model. To do so we are now focusing on realizing the full potential of what we have built, and that means concentrating our resources and energy in the near term, on Denmark and Israel, where we have customers on the road enjoying our switching and charging networks. At the same time, we had to make some difficult decisions on actions to be taken elsewhere in the world. We believe in the long term potential of both Australia and North America and are enormously encouraged by the enthusiastic response we get from all our customers. Therefore we will keep exploring solutions which will enable us to keep our long term options with regard to those markets open.

About Better Place
Better Place is the leading global provider of electric car networks that enables the mass market adoption of electric cars through an innovative battery switch model that makes driving electric cars more affordable, convenient and sustainable than today's petrol-based cars. Better Place owns and operates a network of battery switch stations and public/personal charge spots, along with the supply of batteries that power the cars, to provide drivers with instant range extension and the convenience to drive, switch and go across an entire region. Where possible, Better Place uses renewable sources of energy to deliver fully zero emissions driving. The World Economic Forum has named Better Place a "Global Growth Company Industry Shaper" for its innovative approach in advancing the global switch to electric cars. Check out WWW.BETTERPLACE.COM


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