Israel Corporation this week completed its investment of $100 million in electric car venture, Better Place, injecting a further $15.38 million into the company at the same time.
Better Place, which was founded by Israeli businessman Shai Agassi in October 2007, is developing the infrastructure to make electric cars a cheap and accessible alternative to traditional vehicles.
Israel Corporation began investing in Better Place in 2007 and now owns more than 35 percent of the company. Other investors include Ofer Holdings Group, the parent company of Israel Corp., which has invested a further $30 million; Morgan Stanley; and the Bronfman family.
Better Place, which plans to launch its first venture in Israel at a cost of an estimated $150 million, is currently procuring the batteries for its electric cars and is 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.