Electric car venture Better Place LLC, run by CEO Shay Agassi, had no revenue and spent $83 million in 2009, according to the financial report of Israel Corporation (TASE: ILCO).
Israel Corp. owns 40% of Better Place, and Israel Corp. chairman Idan Ofer is chairman of the company and is involved in its management.
Better Place's expenses can be broken down into four types: $25 million in R&D; $15 million in sales and marketing; $14 million in administration and general expenses; and $29 million in operating and other costs.
Israel Corp. added that Better Place has $106 million in liabilities. Better Place has 300 employees and can allot options for up to 13.3% of its shares to them. To date, it has allotted less than 1% of the options available to employees.
Better Place recently raised $350 million, at a company value of $1.25 billion, in a financing round led by HSBC Holdings plc.
Published by Globes [online], Israel business news - www.globes-online.com - on March 25, 2010
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