BREAKING NEWS

HSBC leading $350-million investment drive for Better Place

JANUARY 25, 2010 10:17

HSBC is leading a $350-million investment drive for Better Place, after which premier global provider of electric vehicle services will be valued at $1.25-billion, it was announced Monday.

The bank itself will invest $125 million, while Israel Corporation will invest some $74 million.

Better Place founder and CEO Shai Agassi said that the "commitment of HSBC to invest in the company together with the international connections that are bringing the new investors will allow us to continue our global advancement toward implementing our program."

Idan Ofer, chairman of Israel Corporation and Better Place, said the move was "strategic" and was beyond regular investment.

"We are seeing HSBC help us expand into Europe and China," he said. "This is a very significant move which joins the world's leading investment centers to the vision of Israel Corporation, which was initially the driving force behind Better Place, together with Shai Agassi and other investors."

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