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Europe: Better Place Borrows $45 Million to Finish EV Charging Networks

The European Investment Bank is loaning Better Place approximately $45 million (40 million euros) to finish building out its electric vehicle charging stating networks in Denmark and Israel.

In Denmark, Better Place electric vehicle battery switching stations connects Copenhagen to Aarhus, one of the most traveled routes in the country.

Better Place has already raised $750 million in venture capital, but this is the first credit line it has opened to help fund its charging network installations.

“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,” says Shai Agassi, founder and CEO, Better Place. “The credit facility gives us a more flexible, balanced capital structure that allows us to expand our operations without solely relying on equity.”
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