November 14, 2011
Electric car venture raises another $200 million
An electric car venture set to launch a nationwide network in Israel raised another $200 million from U.S. investors.
Better Place, based in California and Israel, now has raised more than $750 million since it was founded in 2007. The new investors include General Electric and USB.
The company is on track to launch its first two networks of electric cars in Israel and Denmark early next year, according to the Israeli daily business magazine Globes.
Israeli-American Shai Agassi founded and heads the company, which is valued at $2.25 billion.
More than 400 Israeli corporations, representing up to 80,000 employee cars, have signed letters of intent to begin switching their fleets over to Better Place as the cars and the service become available, according to Globes.