ISRAEL: $72m boost for Better Place
Israeli holding company, Israel Corp, is investing another US$72m in Better Place, the electric vehicle infrastructure company partnering Renault-Nissan in the country.
Earlier this month it completed a US$100m investment in Better Place; Israel Corp's controlling shareholder Ofer Group will invest US$20.5m in the company.
Earlier this week, Better Place raised US$350m in fresh equity as part of a second round of funding. Among investors who participated were HSBC, Morgan Stanley Investment Management and Lazard Asset Management.
Better Place and Renault are due to go live in 2011 with Renault EVs and a series of battery-swap stations where EV owners can change depleted batteries in about the same time as it takes to refuel a car conventionally.
Israel Corp said it will hold 30% of Better Place on a fully diluted basis following the investment, while Ofer would hold 8.5%.