California-based electric vehicle operator Better Place has partnered with AGL Energy (AGK.AX) and financial advisor Macquarie Capital Group to raise A$1 billion (US$676 million) to begin development of a charging network for electric vehicles (EVs) in Australia.
Better Place has similar initiatives underway in Israel and Denmark, but with the world’s seventh highest per capita rate of car ownership and nearly 15 million cars on the road–not to mention a vastly larger geographic area–Australia will test the network model on a much larger scale.
Macquarie will assist in business development and help raise funds for construction of the charging network. In support of the project, AGL will provide electricity from renewable sources to power the electric cars.
Victorian Premier John Brumby said, "The Victorian Government supports any initiative that will have positive outcomes in reducing emissions in the transport sector and welcomes this innovative approach to help make broad adoption of EVs in Australia possible."
"As the world’s sixth largest country, our network build out in Australia will demonstrate that the Better Place model works in all countries, regardless of size," said Shai Agassi, CEO and Founder of Better Place. "We are investing in Australia’s economy and adding jobs while helping the country take a generational leap forward toward oil independence." Agassi added, "With our commitment to build infrastructure and the Federal Government’s $500 million Green Car Innovation Fund, there is a compelling case for automobile manufacturers to jump in and build clean, safe, affordable electric cars for Australasia and Southeast Asia."
David Roseman, Head of Infrastructure and Utilities Advisory – Australasia, Macquarie Capital Group said, "The Better Place business model is game changing and represents an exciting opportunity for Australian consumers, the environment, domestic automakers, the renewable energy sector, local industry and workers to move to the forefront of the energy revolution.
Better Place has an existing partnership with the Renault-Nissan Alliance, a leader in electric car development. The company is committed to open network access, allowing consumers to have a choice of make and model. Better Place expects the first mass market EV models to be available in Australia by the 2012 model year, a year after its mass market launch in Israel and Denmark.
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