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  • Better Place raises $200 Million for Electric Cars in the Series C of Funding

    November 17th, 2011 No comments

    Better Place, the Palo Alto, Calif. – based electric vehicle infrastructure start-up, has recently announced the end of the series C of funding which has brought the company the amount of $200 million. This equity financing round has been led by a consortium of investors which includes GE Capital and UBS. The existing shareholders have also participated to this funding round, along with some new investors from Israel Corp., HSBC Group, Morgan Stanley Investment Management, VantagePoint Capital Partners, Ofer Group and Maniv Energy Capital. This new financing transaction is expected to last up to the fourth quarter of 2011.By the means of this new funding round, the company has managed to almost double its valuation to $2.25 billion since the last financing round which took place in January 2010. The company has been founded in 2007 and, since than, it has managed to raise a total of more than $750 million in equity financing. This incredible success can be explained by the fact that the company provides solutions to the continuously growing oil crisis by providing electric cars.

    Idan Ofer, the Chairman of Better Place, stated the following: “With this round, our shareholder base now includes the world’s largest banks, blue chip asset managers and leading industrial holding companies. Our Board, as well as all of our investors, continues to be both confident and enthusiastic about the opportunity that Better Place presents. The highly competent Better Place team has the talent and technology to rapidly deploy its electric car network on a global scale. Our Board and investor base are committed to leveraging their vast networks, experience, and diverse set of skills to accelerate the global adoption of electric cars.”

    The money raised in this round of funding is going to be used in order to help the company expand on the Western European market and to continue to the develop its already existing projects in Northern California, Southern China, Japan, Ontario, Canada and Hawaii. Its first commercial service is going to be launched in Israel and in Denmark at the beginning of the following year. Also, the company has announced a series of consumer offerings for electric mobility services which are rather competitive with the gasoline-based cars. The initial commercial service of the company is going to begin at the end of the second quarter of the year to come in Australia, in Canberra.

    Shai Agassi, the Founder and Chief Executive Officer of the company, stated the following: “We’ve worked hard over the past four years to engineer and build a technology solution that competes with oil-based transportation. We are entering the next phase of growth for our company where we prove that our solution works, that it’s in demand, and that it scales, as we begin to push into new markets and attract new investors and new partners. I believe that our investors should be applauded for having the vision to finance the future of transportation.”

    Better Place is working with Nissan/Renault on the production of electric cars and has partnered with different local governments in order to also provide the infrastructure for these cars. At the moment, the company is in the final phase of testing of the Renault Fluence Z.E. (Zero Emissions), which is probably going to be the first vehicle the company is going to launch.

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