• Better Place

  Participated · Series B · Jan 2010

  Better Place manufactures electric cars and removable batteries that can be switched out once depleted. The company sets up battery switch stations and charge spots to address inconveniences around long-distance travel. It was founded in 2007 and currently operates in China, Israel, Hawaii, Denmark, the Netherlands, and Australia. According to a filing, Better Place is raising a $100 million round. To date the company has raised $786 million. The business centers on vehicle hardware and the supporting swapping/charging infrastructure. Better Place is a global provider of electric car networks that builds and operates battery switch stations, public and personal charging spots, and supplies swappable batteries. Led by Founder and CEO Shai Agassi, the company runs networks in Denmark and Israel and reports more than 500 Renault Fluence Z.E. electric cars with switchable batteries on the roads across the two countries. Its battery switch station network currently connects Copenhagen to Aarhus and will be soon followed by a second one in Amsterdam. In Israel, more than half of the planned network of Battery Switch Stations is available for customers. The company intends to use a €40m loan from the European Investment Bank primarily to finalize network deployments and fund operations in Denmark (approximately €30m), with the remainder for Israel. Better Place provides a battery switch network, public and personal charge spots, and battery supply to enable switchable-battery electric cars with instant range extension. The company partners with OEMs (notably Renault for the Fluence Z.E.) and infrastructure partners to deploy nationwide electric mobility services. It plans initial commercial service in Israel and Denmark in early 2012 and a Canberra launch in Q2 2012, while advancing projects in Northern California, Southern China, Japan, Ontario and Hawaii. Better Place intends to expand further into Western Europe from its Paris office, leveraging European Commission–approved projects and more than 100 employees in Europe. Reported customer traction includes letters of intent from over 400 corporations (representing a potential 80,000 employee cars), more than 1,000 pre-orders in Denmark, and agreements with 50 of 98 Danish municipalities covering 69% of the population. The company emphasizes using renewable energy where possible to deliver zero-emission driving. Better Place develops a market-based transportation infrastructure for electric vehicles, including charging and replaceable-battery systems, relying on renewable energy sources. The company is building its first electric vehicle network in Israel and plans country-by-country deployments, with initial deployments beginning this year and commercial sales slated for 2012. It partners with automakers—Renault is expected to offer the first car with a replaceable battery—and targets expansion into Europe and Asia where the business economics are optimized. The startup was founded two years ago and has attracted significant capital to fund rollouts. As of April 2009 it had raised $400 million, and it announced a follow-up financing to support infrastructure deployment.

No current team members are available.