The California-based electric car operator, Better Place, has announced agreements with AGL Energy and Macquarie Capital Group to raise $1 billion and begin deploying an electric vehicle network powered by renewable energy in Australia.
Better Place has already secured funding to install 500,000 uniform electric car charging points at designated parking lots in residential areas and workplaces in Israel and another 500,000 in Denmark. Renault-Nissan will build electric cars for these countries and elsewhere. A range of models will be come into mass production between 2010 and 2014.
Better Place plans to use its scalable model, which Israel and Denmark have adopted, to build an electric vehicle network in Australia. Macquarie Capital will assist in business development and help raise $1 billion for the network build. AGL will provide electricity from renewable sources to power the electric cars.
“As the world’s sixth largest country, our network build out in Australia will demonstrate that the Better Place model works in all countries, regardless of size,” said Shai Agassi, CEO and Founder of Better Place. “We are investing in Australia’s economy and adding jobs while helping the country take a generational leap forward toward oil independence.”
Better Place expects the first mass market EV models to be available in Australia by the 2012 model year, a year after its mass market launch in Israel and Denmark.
David Roseman, Head of Infrastructure and Utilities Advisory at Macquarie Capital Group commented that “The Better Place business model is game changing and represents an exciting opportunity for Australian consumers, the environment, domestic automakers, the renewable energy sector, local industry and workers to move to the forefront of the energy revolution. Electric vehicles represent a more affordable alternative to the conventional combustion powered vehicle. We believe the combination of a competitively priced vehicle, being driven by cheaper and cleaner fuel is a compelling business case.”
The Better Place Renault electric car to be sold in Israel.