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European Investment Bank Supporting Electric Car Industry

The European Investment Bank announced Tuesday that it was providing electric car networks company Better Place with a €40 million loan, continuing the institution’s support for innovation and sustainable transportation.
Approximately €30 million of the proceeds will be used to finalize network deployments throughout and fund operators in Denmark, with the remaining funds going to similar projects 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 Officer, 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. We applaud the EIB, one of the most respected financial institutions in Europe, for taking the time to thoroughly evaluate our business model, and we look forward to continued collaboration with EIB as our European operations grow.”

More /clean Technica

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