Charging into the future
Australia takes a first step in establishing a nationwide network of charging services for electric vehiclesWith services provider Better Place Australia announcing its securing of $25 million in seed funding, Australia has taken the first major step towards developing a charging and services network for electric vehicles (EVs).
The funding is the first step in a five-year plan to raise $1 billion to build an Australia-wide network of charging facilities for EVs.
Better Place Australia says the initial funding "will finance a range of planning, engineering, demonstration and trial activities in the lead up to the first stage of deployment, which will commence in Canberra in 2011.
"The funding round was led by Lend Lease Ventures, the venture capital arm of Lend Lease and included investments by ActewAGL and several private investors," Better Place Australia said in a recent press release.
Better Place Australia also announced the appointment of global banking leader Harrison Young to its board as independent Chairman.
"Mr Young is currently a member of the Board of the Commonwealth Bank of Australia and the Court of Directors of the Bank of England, Chairman of the Howard Florey Institute Foundation and Deputy Chairman of the Asia Society AustralAsia Centre and Asialink.
"Mr Young was Managing Director and Vice Chairman of Morgan Stanley Asia from 1997-2003 and Chairman of Morgan Stanley Australia from 2003 until he joined the board of the Commonwealth Bank in 2007," the press release said.
"The backing of a strategic investor of the calibre of Lend Lease Ventures, our Canberra deployment partner, ActewAGL and some of Australia’s most successful business people is further validation that our plans are appealing to our industry partners and seasoned investors alike," said Better Place Australia CEO Evan Thornley.
Better Place is a California-based company backing the world-wide transition to "sustainable transportation" and works with car-makers, battery-makers, energy companies and the public sector to establish new infrastructures servicing future energy sources.
The organisation has operating companies in Israel, Denmark and Australia.
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