Canadian Manufacturing

Electric car charging network gets $200 million in financing

Israel-based Better Place will use financing to expand global operations as it anticipates commercial launch next year

PALO ALTO, Calif.—Electric vehicle infrastructure developer Better Place has secured $200 million in financing from a consortium of investors and partners, including General Electric Co. and UBS AG.

Since its founding in 2007, Better Place has raised more than $750 million of equity financing in an economic climate where investors continue to seek a competitive alternative to oil.

The Tel Aviv-based company says the proceeds will fuel expansion into Western Europe and advance its deployment projects in northern California, southern China, Japan, Canada and Hawaii.

Its initial commercial service will launch in Israel and Denmark early next year and a series electric mobility services will try to compete with gasoline-based cars.

Its partner, Renault, is making the cars.

Better Place says its service will cost the same or less than gasoline-powered cars.

Better Place is a global provider of electric car networks that owns and operates a network of battery switch stations and public and personal charge spots, along with the supply of batteries.

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