Better Place has announced a deal to begin deploying an electric vehicle network in Australia.
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The agreement between the electric car group with AGL Energy and financial advisor Macquarie Capital Group will look to raise A$1bon and begin deploying an electric vehicle (EV) network powered by renewable energy.
Better Place said it will use the same scalable model that has been adopted in Israel and Denmark to build the EV network in Australia. The group expects the first mass market EV models to be available in Australia by 2012, a year after launch in the other countries.
Macquarie will assist in business development and help raise the A$1bn for the network build. In support of the project, AGL will provide electricity from renewable sources to power the electric cars.
“As the world’s sixth largest country, our network build out in Australia will demonstrate that the Better Place model works in all countries, regardless of size,” said CEO and founder Shai Agassi.
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By GlobalData“We are investing in Australia’s economy and adding jobs while helping the country take a generational leap forward toward oil independence.” Agassi added: “With our commitment to build infrastructure and the Federal Government’s A$500m Green Car Innovation Fund, there is a compelling case for automobile manufacturers to jump in and build clean, safe, affordable electric cars for Australasia and Southeast Asia.”
AGL Group general manager Jeff Dimery said AGL would provide all of the renewable energy needed to power the EVs.
“AGL is committed to increasing its renewable energy generation and believes it is important to collaborate and implement cross-industry initiatives to counter climate change. Because EVs charge primarily at night, they can maximise the potential of intermittent renewable energy such as wind.”
David Roseman, head of infrastructure and utilities advisory – Australasia, Macquarie Capital Group said: “The Better Place business model is game changing and represents an exciting opportunity for Australian consumers, the environment, domestic automakers, the renewable energy sector, local industry and workers to move to the forefront of the energy revolution.”
