$100M pledged to US-Israeli electric car venture

Nov 01, 2012

U.S.-Israeli electric car venture Better Place says investors have pledged it $100 million in additional financing.

Top shareholder The Israel Corp. says it will pump in $67 million in this round, on top of previous investments of some $250 million.

Better Place Spokeswoman Julie Mullins confirmed the Thursday but said the financing round has not formally closed.

In all, Better Place, which is going through turbulent times, has raised $850 million.

Better Place has spent close to half a developing and deploying a network in Israel, its pilot site. But sales here are weak and founder Shai Agassi abruptly left the company last month.

The Israeli Corp. informed the Tel Aviv Stock Exchange on Wednesday that the current financing round is designed to advance sales.

Explore further: Smartphone sales lifted by emerging markets

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Israeli electric car company CEO steps down

Oct 02, 2012

(AP)—He has been the poster boy for Israel's powerhouse technology industry and a leading proponent of a great dream—to end the world's addiction to oil.

Nanochip lands $10M in financing

Apr 19, 2006

Nanochip Inc. announced Tuesday that it has secured $10 million of a $15 million Series C financing round, with funding led by Intel Capital.

Venture-cap investments rise in second quarter

Jul 20, 2011

(AP) -- Venture capitalists invested more in U.S. startups in the second quarter than they did during the same period a year ago, suggesting that investors are ramping up their search for the next Facebook or Twitter.

Recommended for you

Google execs discuss regulation, innovation and bobble-heads

1 hour ago

Eric Schmidt and Jonathan Rosenberg help run Google, one of the world's best-known, most successful - and most controversial - companies. They've just published a new book, "How Google Works," a guide to managing what they ...

LinkedIn reports 3Q loss but sales climb

1 hour ago

LinkedIn Corp. posted a third-quarter loss on Thursday, but its results were better than expected as revenue grew sharply, sending shares of the online professional networking service higher in extended trading.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Jeddy_Mctedder
1 / 5 (2) Nov 01, 2012
talk about throwing good money after bad. better place has been an unmitigated failure for years. not because of chinese dumping either, and not because it hasn't had enough money either.

battery swapping is simply a poorly conceived idea----have you ever considered if laptops would have worked if they could only recharge VERY SLOWLY and outlets were hard to come by and the risk of charging from your home outlet would be a short circuit, and the safest way to recharge was simply TO RENT A BATTERY FROM A CHARGING SERVICE?

now consider a laptop sold by a battery rental service that only allowed you to charge from the rental service. this is better place. yea. good luck on that. even the die hard greenblogs hate it. http://www.greent...wont-596

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.