Better Place Secures $133.8-Million Infusion for Danish EV Charging Network

By John O'Dell, Senior Editor
Better Place , the California-based electric vehicle battery charging infrastructure pioneer, said this morning that it has secured a 103-million euro ($133.8 million) equity and debt financing in conjunction with Denmark's DONG Energy to fund initial deployment of its previously announced Danish charging infrastructure.

DONG will be the preferred supplier of renewable energy to the charger network and will assist Better Place in rolling out the nationwide system of EV battery chargers and battery exchange stations.

The charging infrastructure is part of a plan by Better Place, the Renault-Nissan Alliance and the Danish government to begin marketing electric cars in Denmark in 2011.

Renault-Nissan is designing and building the vehicles, which will have a battery pack system that can be quickly removed when depleted and replaced with a fully recharged pack.  

The rapid exchange system is part of Better Place's plan to extend the effective range of electric vehicles so they can be lengthy trips without the without the inconvenience of otherwise lengthy battery charging sessions.

Better Place charging stations, to be located in parking lots and other public areas, will be available for short "top-ups" of the battery packs while a car is parked for short periods, perhaps while the driver is shopping or attending a theater performance.

The company, founded by high-tech entrepreneur Shai Agassi, believes that installing an electrical "fueling" infrastructure is the necessary first step in making electric vehicles a marketable alternative to gasoline- and diesel-fueled vehicles.

Better Place expects to begin installing chargers and exchange stations this year to serve a small number of electric vehicles so Denmark, which hosts the U.N. Summit on Climate Change in December, "can demonstrate to the world what the future of transportation will look like," Agassi said during a press conference that was web-cast from Denmark.

The Danish government uses tax policies to encourage a switch from petroleum-based cars to zero emission vehicles and has pledged to help the country reduce CO2 emissions by 21 percent by 2012.

EV purchases are not taxed in Denmark, while gas and diesel vehicles are taxed at up to 180 percent of the purchase price, depending on fuel economy and CO2 emissions.

In conjunction with its financial announcement, Better Place also said that Microsoft Corp. executive Jens Moberg has been appointed to head Better Place Denmark and to serve as chief of business development for Europe, Middle East and Africa.

At Microsoft, Moberg was responsible for developing business in Russia, India and China.

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John O'Dell January 27, 2009, 1:50 AM

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