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Better Place wound down its operations in Australia in February. The local company had installed about of its battery charge sites around Australia, mostly in its base of Melbourne, but also in Sydney, Canberra and the Hunter Valley. Much fanfare, few sales Sunday's announcement came as no surprise.

With its partner Renault, Better Place committed to a production run of , electric cars for Israel and Denmark, counting on large fleets to sign up. At the same time it developed plans to expand into Australia and then onto markets like China and the United States. But the large-scale deals never materialised. Only about of its cars are on the road in Israel, and about in Denmark. Renault could not immediately be reached for comment. Renault could not immediately be reached for comment.

In February it said Renault-Nissan and Better Place had signed an agreement "to provide the necessary conditions for the successful launch of electric vehicles. The company made changes and reduced its workforce. Alan Gelman, chief financial officer and head of operations in Israel, told Reuters at the time that the company knew why it was floundering and was trying to turn a corner. After a failed final round of fundraising, Better Place turned to the Tel Aviv area court.

Israel Corp, the largest shareholder in Better Place, said in a statement to the Tel Aviv Stock Exchange on Sunday it had decided not to inject more cash into the beleaguered company. None were immediately available to comment.

However, he said he could not disclose the amount of Vantage Point's investment in the electric car venture.

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