Better Place - Investors

Investors

As of 2010, the company had raised US$700 million from various sources including, VantagePoint Venture Partners, Israel Corporation (33% ownership), Israel Cleantech Ventures, HSBC, Morgan Stanley, Acorns to Oaks II, Esarbee Investments Canada, GC Investments LLC, Musea Ventures, Ofer Group, Vyikra Partners, Wolfensohn & Co. and Maniv Energy Capital. In late 2007, Agassi began raising US$111 million in Series-A funding for this project, one of the largest and fastest seed rounds in history. Investors include VantagePoint Venture Partners, Israel Corporation, Israel Cleantech Ventures, Morgan Stanley, and private investors led by Michael Granoff of Maniv Energy Capital. In 2009, the company raised an additional US$135 million for Better Place Denmark, including an investment from DONG Energy the leading utility in Denmark. Following the announcement in Israel, Better Place had launched its network in Denmark, Australia and in two United States locations - Hawaii and Northern California. The company has said it is in talks with more than 25 countries around the world.

Better Place announced agreements with AGL Energy and financial advisor Macquarie Capital Group to raise A$1 billion and begin deploying an electric vehicle (EV) network powered by renewable energy. According to Better Place, their model for sustainable mobility will help Australia move toward oil independence. With the world’s seventh highest per capita rate of car ownership, the country has nearly 15 million cars on the road after adding over a million new cars last year.

In January 2010, as Israel Corporation completed its investment of US$100 million in the company, a consortium of investors signed a Series-B funding round to invest a further US$350 million in Better Place, citing their confidence that "Better Place has the technical and commercial solutions to allow for the mass adoption of electric cars in the near term." The Series-B round was led by HSBC, which invested US$125 million, and included all Series-A investors plus Morgan Stanley Investment Management and Lazard Asset Management. The deal represents one of the largest financial investments of its kind by HSBC, which will gain a seat on the Better Place board of directors and approximately 10% of the company's shares.

Doubts have however been raised as to the effectiveness of a centralised model in providing charging infrastructure with some anticipating that the model will not be widely adopted.