0.35bn raised for Better Place battery swapping by HSBC
Post date: Feb 01, 2010 4:3:23 PM
January 25, 2010
Electric vehicle battery swapping company Better Place's $350M round, announced today,
Better Place valued $1.25bn
Palo Alto, Calif.-based Better Place today announced in a press conference that it secured $350 million in a series B round
led by HSBC Group that values the company at $1.25 billion.
The round also included new investors Morgan Stanley Investment Management, and Lazard Asset Management. They join existing Series A investors including
Israel Corp., VantagePoint Venture Partners, Ofer Hi-Tech Holdings, Morgan Stanley Principal Investments, and Maniv Energy Capital, among others.
Better Place's new capital is to enable it to scale up globally and execute against its plan, the company said today.
Battery swapping will not work in the U.S ?
The new investment comes days after Better Place's battery swapping business model was called into question by electric vehicle experts at the World Future Energy Summit (see 'Disaster' scenarios for electric cars), who weren't sure the company's approach would be necessary in the near term, given early electric vehicle trials and driver preferences.
Better Place's approach is also criticized by those who advocate fast charging networks over physical removal and replacement of batteries
source: cleantech.com