29 Aug '12, 11pm

Better Place gets $50 million loan from European Investment Bank

Better Place Secures €40 Million European Investment Bank Support August 28, 2012 PALO ALTO, Calif. – Better Place today announced that the company has secured a €40 million loan from the European Investment Bank. The loan marks the first-ever credit facility from a financial institution for Better Place and continues support for innovation and sustainable transportation by the European Investment Bank. The majority of the proceeds from the loan (approximately €30 million) will be used to finalize network deployments and fund operations in Denmark. The remaining proceeds will be used for similar purposes in Israel. "After a comprehensive due diligence process, the European Investment Bank has concluded that Better Place represents both a classic infrastructure project and a clear step towards innovative low carbon transport," said Shai Agassi, Founder and Chief Executive O...

Full article: http://green.autoblog.com/2012/08/29/better-place-gets-50...

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