Better Place Expands Electric Vehicle Battery Exchange Network With € 40 Million Borrowing

Better Place Expands Electric Vehicle Battery Exchange Network With € 40 Million Borrowing

Better Place, a battery-to-EV infrastructure group, is leveraging new resources to fund its businesses.

Efforts to promote green transport solutions

Better Place, a global leader in providing electric vehicle networks around the world, continues to expand. The firm has just received a € 40 million loan from the EIB to finance its projects to promote innovative vehicles in Europe and the Middle East. Shai Agassi, CEO, sees the European financial institution's support as a recognition of the group's efforts to promote sustainable transport solutions. Note that the group aims to facilitate the introduction of electric vehicles in the country by establishing infrastructure to replace batteries. Note that the company participates in an EU project called "Green eMotion".

Large-scale projects in Denmark and Israel

The Better Place group is currently working on massive projects. The company will also use 75% of this EIB loan, or €30 million, to develop its battery replacement network in Aarhus, Copenhagen, Denmark. Thanks to this infrastructure, Danish motorists who drive electric vehicles will be able to make long trips on one of the country's most important roads without stopping to recharge their batteries. The rest of the funding will be used for a similar project in Israel, its largest market. Shai Agassi also notes that his ambition is to install this type of infrastructure between Paris and Copenhagen.