Better Place, Dong Energy Close €103M Deal For Danish Electric Car Network

Jan 28 2009 | 9:08am ET

Paolo Alto-based Better Place and Denmark's DONG Energy have raised approximately EUR 103 million in equity and convertible debt to deploy an electric car charging network in Denmark.

Under the terms of the agreement, the Danish utility will assist the American start-up with the Denmark network rollout and serve as the preferred supplier of renewable energy to power the network. Better Place and DONG signed a deal last year to set up a network of car-charging and battery-swapping stations. DONG plans to provide wind power to the charging network, seeing electric-car battery and charging technologies as good ways to store and consume the wind power it produces.

Better Place says DONG is the primary investor in the project but did not disclose the names of other investors.

“Our goal in investing in Better Place Denmark is to help reduce CO2 emissions and increase the consumption of sustainable energy by capturing and leveraging wind power more efficiently,” said   DONG Energy CEO Anders Eldrup.

Better Place has also named Jens Moberg CEO of Better Place Denmark and placed him in charge of business development for the Europe, Middle East and Africa. Moberg is to focus on Denmark, Better Place's first European operation, with an eye to expansion to other European countries.

“Denmark has long been a leader in implementing change through progressive environmental policies and innovation,” said Moberg. “I firmly believe that the economics of a green industry such as sustainable mobility provide a compelling return for investors while creating jobs for industry and reducing our greenhouse gas emissions for the health of our people. I look forward to working with my new colleagues at Better Place along with Anders and the DONG Energy team on this exciting new venture.”

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