Founder out, more cash in.
That could be the synopsis for the past month of electric-vehicle battery-swapping network Better Place, which booted its founder and is now working on selling about $100 million in company equity by issuing company stock.
Israel Corp., Better Place's biggest shareholder with about 30 percent of the five-year-old company, will likely contribute about $67 million, Reuters reports, citing public filings from Israel Corp. Better Place is looking to expand its current network of battery-swapping stations in Israel, Denmark and Australia.
Early last month, Better Place replaced founder Shai Agassi with Evan Thornley, who had been CEO of Better Place's Australia division. Better Place, which said in late August that it received a 40-million euro ($50 million US) loan from the European Investment Bank, raised about $750 million since its 2007 founding but has also lost more than $400 million since then.