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Sunday, December 4, 2011

Israeli Electric Car Manufacturer Better Place secures $200M in financing

Israeli-American electric car company says new infusion will will nearly double its value to $2.25 billion

An Israeli-American company says it has secured an additional $200 million in financing to create the world’s first network of charging stations for electric cars.New investors include General Electric Co. and UBS AG.Better Place says it plans to go operational within the next few months. Founder and CEO Shai Agassi says the new infusion will let the company expand operations across Europe.

The company says the latest financing round will nearly double its value to $2.25 billion. Since 2007, Better Place has raised more than $750 million.

Better Place plans to build a network of charging stations in markets around the world, beginning withIsrael and Denmark. Its partner, Renault, is making the cars.

The company says its service will cost the same or less than gasoline-powered cars.

Source: Ynetnews

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