Israel Corporation (TASE: ILCO) today completed its $100 million investment in Shai Agassi's electric car venture Better Place LLC. Israel Corp. today notified the Tel Aviv Stock Exchange (TASE) that it injected an additional $15.38 million into the company.
Israel Corp. owns more than 35% of Better Place, after first investing in the company in 2007. In addition, Israel Corp.'s parent company, Ofer Holdings Group, has invested $30 million. Israel Corp. chairman Idan Ofer's daughter persuaded him about Better Place's virtues, and he is now also chairman of the company.
Better Place has also obtained tens of millions of dollars from Morgan Stanley (NYSE: MS), the Bronfman family, and other investors.
Better Place is currently procuring the batteries for its electric cars and setting up the battery recharging and replacement infrastructure in several countries, including Israel, Australia, Denmark, and the states of California and Hawaii in the US. The company will launch first its venture in Israel. An estimated $150 million will be needed to build the nationwide battery recharging network in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2010
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