A group of equity investors led by HSBC have expressed a big vote of confidence in the electric vehicle infrastructure concept being proposed by Better Place with a new $350 million funding round. The investment, which values the company at $1.25 billion, is expected to close by the end of March and includes $125 million from HSBC for a ten percent stake in Better Place. Better Place still plans to deploy nationwide networks of charging points and battery exchange stations in Israel and Denmark
Even in a down economy, millions of dollars are flowing into start-up companies working on advanced batteries for plug-in vehicles and methanol fuel cells. Three companies operating in the less-sexy side of the new automotive industry – Seeo, CFX and Oorja Protonics – have all raised millions for their operations.