Shai Agassi, founder of the electric car company Better Place who was unexpectedly ousted from his position as CEO last week, announced that he has also resigned from the company's board of directors. Agassi had been expected to remain on the Better Place board of directors despite his ousting. Some believe that his decision to quit the board reflects his desire to completely disassociate himself from the company. On Tuesday, it was exposed that Better Place, owned by the Israel Corporation, is seeking a $130 million to $150 million cash infusion from investors. Better Place has sold only 457 electric cars this year, causing tensions between Agassi and shareholders and leading to Agassi's ousting after five years at the helm of the company. Better Place lost $132 million in the first half of this year. The ambitious electric car company has consistently struggled to get off the ground. Since its inception five years ago, Better Place has raised nearly $750 million yet has burned nearly half a billion dollars. Better Place's business model forces its car owners to use the electric charging stations that it provides. The battery is good for 120 to 180 kilometers (about 75 to 110 miles), forcing the driver to recharge the car after almost every drive of even moderate length and to replace the battery during longer drives. Analysts say the model still hasn't succeeded in enticing the Israeli public, despite the promise of a pollution-free ride.
