Israeli electric vehicle charging company Better Place has raised $200m through Series C equity financing from a consortium of investors and partners.
New investors included General Electric and UBS with existing shareholders Israel Corp, HSBC, Morgan Stanley, VantagePoint Capital Partners, Ofer Group and Maniv Energy Capital also contributing.
Since its founding in 2007, Better Place has raised more than $750m of equity financing globally.
The funding has nearly doubled the company’s valuation to $2.5bn since the last financing in January 2010. It said it will use the money to expand into Western Europe while continuing to fund development projects in California, China, Japan, Canada and Hawaii. The company said it will launch its initial commercial service in Denmark, Israel and Australia early next year.
Shai Agassi, founder and CEO of Better Place, said, ‘We’ve worked hard over the past four years to engineer and build a technology solution that competes with oil-based transportation. We are entering the next phase of growth for our company where we prove that our solution works, that it’s in demand, and that it scales, as we begin to push into new markets and attract new investors and new partners. I believe that our investors should be applauded for having the vision to finance the future of transportation.’
Copyright © 2011 AltAssets