TodayEco.com

31 Aug '12, 4pm

European Investment Bank Loans Better Place €40 Million: Better Place today announced that the company has secur...

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 Copenhagen-Paris corridor is 1,220 kilometers, which is about the same distance I recently drove in a trip across Israel in a Renault Fluence Z.E., switching batteries without stopping to charge.” 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 infrastr...

Full article: http://evworld.com/news.cfm?newsid=28616

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