Better Place Raises $23M for Australian EV Charging

Dec 9 2009 | 10:23am ET

The Australian subsidiary of the California electric car maker Better Place has raised AUD 25 million ($23 million) in a seed funding round led by Lend Lease Ventures and with the participation of ActewAGL and a number of private investors.

The money will be used for the development of an electric vehicle (EV) charging network powered by renewable energy in Australia. Better Place aims to raise AUD 1 billion ($922 million) to fund the network.

Macquarie Capital is providing advisory services for the fundraising.

Better Place hopes to overcome charge-time and range limitations in EV batteries by building a network of battery-swapping and charging stations. This initial funding will be used to finance the development and trial of the first phase of deployment, which is slated for Canberra in 2011. AGL Energy will supply electricity generated from renewable sources for the project.

As part of the deal, Lend Lease will take a seat on Better Place Australia’s board. Harrison Young, a member of the board of the Commonwealth Bank of Australia and the court of directors of the Bank of England, will also join the board as independent chairman.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat