€40 million loan accelerates Better Place plans for a pan-European EV highway
- 31 August 2012
LONDON: Member of The Climate Group, Better Place, has received a €40 million loan from the European Investment Bank which will go towards growing its network of battery-swapping stations and help drive Europe’s low carbon transport development.
With the money, Better Place will build the world’s first pan-European electric vehicle highway, which will connect Copenhagen and Paris.
The new highway will allow electric vehicle (EV) drivers to switch batteries on route, rather than having to stop and charge their vehicles.
Shai Agassi, Founder and Chief Executive Officer, Better Place commented: “After a comprehensive due diligence process, the European Investment Bank has concluded that Better Place represents both a classic infrastructure project and a clear step towards innovative low carbon transport.
“The credit facility gives us a more flexible, balanced capital structure that allows us to expand our operations without solely relying on equity. We applaud the EIB, one of the most respected financial institutions in Europe, for taking the time to thoroughly evaluate our business model, and we look forward to continued collaboration with EIB as our European operations grow.”
He added: “Our goal is to continue to work with European institutions and partners who share our vision for electric transport so that one day you can drive from Copenhagen to Paris in a fully electric car by switching batteries along the way. The Copenhagen-Paris corridor is 1,220 kilometers, which is about the same distance I recently drove in a trip across Israel in a Renault Fluence Z.E., switching batteries without stopping to charge.”