Trailblazing Israeli electric car company announces it will fold

Israel's trailblazing electric car company Better Place says it has reached the end of the road.

The company announced Sunday that it was filing for liquidation, marking a stunning end to an ambitious plan aimed at revolutionizing the auto industry by reducing the world's dependency on oil.

Perhaps Israel's best known clean-tech company, Better Place was developing a nationwide network of charging and battery-swapping stations. But the company experienced repeated delays in getting off the ground and experienced weak demand for its cars after burning through millions of dollars.

The announcement comes less than eight months after company founder Shai Agassi was forced out. The project won the support of President Shimon Peres, received financial incentives from the Israeli government and made Agassi a dynamic celebrity CEO.