Better Place raises $350 million in financing for electric car plans
Better Place, the California-based company proposing to set up a network of battery swap stations for electric vehicles, said it raised $350 million in investor financing to help advance its plans.
The company said the funding will help it expand its geographic footprint while continuing development of its systems and technology. It said it intends to expand in markets where economics and returns are optimized, notably in Europe and Asia.
The company also has been working toward starting a pilot project in Hawaiçi and California.
Those who provided the current round of financing included HSBC, Morgan Stanley Investment Management, and Lazard Asset Management.