Better Place, the California-based company proposing to set up a network of battery swap stations for electric vehicles, recently announced that it has raised $350 million in investor financing to help advance its plans.
The company said the funding will help it expand its geographic footprint while continuing development of its systems and technology. It said it intends to expand in markets where economics and returns are optimized, notably in Europe and Asia.
“Today marks the end of an extensive process with the outcome being a decision by one of the world’s largest, most conservative banks, HSBC, to take the validating step of investing in a private company intent on bringing innovation to the trillion-dollar automotive and energy industries,” said Shai Agassi, Better Place Founder and Chief Executive Officer. “The strong investment commitment and global relationships that HSBC, Morgan Stanley Investment Management and Lazard Asset Management bring to the table combined with the continuing confidence from our original investors enables us to scale up globally and execute against our plan.”
The eventual goal of Better Place is to create worldwide networks of battery swapping stations where drivers can simply pull in and have their current battery replaced with one that’s fully charged. The concept and the plan proposed by Agassi and co. isn’t with out it’s doubters, however, as many have wondered out loud if the system being put forth by Better Place is the best solution possible when it comes to making a worldwide switch to hybrid and all-electric vehicles.
Category: Battery News