Electric Vehicle Tech Firm Better Place Raises $350 Million
Posted in Battery Technology, Electric Vehicles, Investment on January 25th, 2010 by News Desk –Palo Alto, Calif. – Better Place, a provider of electric vehicle charging infrastructure, has raised an additional $350 million in its second round of venture capital, which was led by HSBC, Morgan Stanley Investment Management, and Lazard Asset Management, among others.
Founded in 2007, Better Place is developing and deploying networks of electric vehicle charging stations, starting in Israel and Denmark.
The company’s automated battery-switch stations reportedly allow drivers to exchange their car’s depleted battery packs for a fully recharged ones in less than minute. Each switching station currently is expected to cost about $500,000.
Better Place also said it will continue to execute its strategy of early deployment projects in Australia and select North American markets, following on the heels of the Israel and Denmark launches.
The company also expects to launch an electric taxi project with battery switch stations in Tokyo in April. Full-scale trials in the second half of 2010 are expected to lead to Better Place’s overall commercial launch in 2011.
