Better Place, an early developer of car charging and battery replacing service models, announced on August 28th that it had received a €40 million loan from the European Investment Bank. The company intends to invest these funds in finishing construction of its networks in Denmark and Israel. The company has struggled to raise the funds necessary to complete the expensive infrastructure establishment phase necessary to truly make the network reliable enough to serve as a viable lifeline for electric vehicle owners.

Better Place, founded in 2007, was among the first innovators of a novel approach to electric vehicle charging in which vehicle owners are charged a subscription fee to simply stop off at any Better Place service point and either exchange their vehicle’s drained battery for a fully charged one or park their vehicle for a rapid charge while they wait. Additionally, the company also partners with government and utilities in its target countries to provide EV purchase subsidies, in a further effort to drive down the cost of EV use. A new wave in the company’s efforts to increase EV ownership has seen it partner with automakers, such as Nissan, to offer customers a more robust service which includes the car itself.

Source: GigaOm article

All News Posts