Get the latest Venture Capital & Angel investors news and info Join Our Mailing List:

Your Name: 

Your Email:  

*By submitting your name & email you agree to receive for FREE our scholarships & offers Newsletters. You agree also with the storage and handling of your data by this website and 3rd party email services.
You may unsubscribe if you wish. And you can delete your email and name at any time by emailing us to the email on the bottom of this page.

Follow us on
  • Better Place raises $200 Million for Electric Cars in the Series C of Funding

    November 17th, 2011 No comments

    Better Place, the Palo Alto, Calif. – based electric vehicle infrastructure start-up, has recently announced the end of the series C of funding which has brought the company the amount of $200 million. This equity financing round has been led by a consortium of investors which includes GE Capital and UBS. The existing shareholders have also participated to this funding round, along with some new investors from Israel Corp., HSBC Group, Morgan Stanley Investment Management, VantagePoint Capital Partners, Ofer Group and Maniv Energy Capital. This new financing transaction is expected to last up to the fourth quarter of 2011.By the means of this new funding round, the company has managed to almost double its valuation to $2.25 billion since the last financing round which took place in January 2010. The company has been founded in 2007 and, since than, it has managed to raise a total of more than $750 million in equity financing. This incredible success can be explained by the fact that the company provides solutions to the continuously growing oil crisis by providing electric cars.

    Idan Ofer, the Chairman of Better Place, stated the following: “With this round, our shareholder base now includes the world’s largest banks, blue chip asset managers and leading industrial holding companies. Our Board, as well as all of our investors, continues to be both confident and enthusiastic about the opportunity that Better Place presents. The highly competent Better Place team has the talent and technology to rapidly deploy its electric car network on a global scale. Our Board and investor base are committed to leveraging their vast networks, experience, and diverse set of skills to accelerate the global adoption of electric cars.”

    The money raised in this round of funding is going to be used in order to help the company expand on the Western European market and to continue to the develop its already existing projects in Northern California, Southern China, Japan, Ontario, Canada and Hawaii. Its first commercial service is going to be launched in Israel and in Denmark at the beginning of the following year. Also, the company has announced a series of consumer offerings for electric mobility services which are rather competitive with the gasoline-based cars. The initial commercial service of the company is going to begin at the end of the second quarter of the year to come in Australia, in Canberra.

    Shai Agassi, the Founder and Chief Executive Officer of the company, stated the following: “We’ve worked hard over the past four years to engineer and build a technology solution that competes with oil-based transportation. We are entering the next phase of growth for our company where we prove that our solution works, that it’s in demand, and that it scales, as we begin to push into new markets and attract new investors and new partners. I believe that our investors should be applauded for having the vision to finance the future of transportation.”

    Better Place is working with Nissan/Renault on the production of electric cars and has partnered with different local governments in order to also provide the infrastructure for these cars. At the moment, the company is in the final phase of testing of the Renault Fluence Z.E. (Zero Emissions), which is probably going to be the first vehicle the company is going to launch.

Leave a reply

Please leave these two fields as-is:

Protected by Invisible Defender. Showed 403 to 267,532 bad guys.


Latest Headlines:

Friday August 31, 2012
Zscaler Secures $38 Million Investment Round

Wednesday November 30, 2011
Health Care Solutions companies Infinity Pharmaceutics, NanoVobronix and Selventa raise funds.

Monday November 21, 2011
Panda Power opens $420 Million Fund for Solar and Natural Gas Projects

Thursday November 17, 2011
Better Place raises $200 Million for Electric Cars in the Series C of Funding

Wednesday November 16, 2011
Accel Partners raise $100 Million Big Data Fund to Invest in Hadoop, NoSQL and other Companies

Tuesday November 15, 2011
Skimlinks raises $4.5 Million to help Bloggers Increase their Gains

Monday November 14, 2011
Standing Cloud raises $3 Million to help New Cloud Providers grow Faster

Thursday November 10, 2011
Zillow acquires Diverse Solutions for $7.8 to help Real Estate Agents increase their Visibility


By using this website you agree with our cookie policy