Israel Corp invests in electric car venture Better Place

14 November 2011: Israeli holding company Israel Corp has invested $55 million (approx ` 276 crore) in the latest funding round for electric car infrastructure venture Better Place. In addition, entities related to Israel Corp's controlling shareholder, the Ofer family has also invested $15 million (approx ` 75 crore) in Better Place. Israel Corp was one of the first investors in Better Place.

Better Place plans to use the proceeds to expand into Western Europe while it continues to advance deployment projects in northern California, southern China, Japan, Canada and Hawaii. The company will launch its initial commercial service in Israel and Denmark early next year and will begin service in the second quarter of 2012 in Australia.

Source: Economic Times