The company will own one third of the venture.
Israel Corp. (TASE: ILCO) will invest an initial $100 million in an electric car venture. The company will own one third of the venture, which has been spearheaded by Shai Agassi. Other partners will invest an additional $100 million, bringing the total initial investment to $200 million.
Israel Corp. said that its participation in the venture is subject to technical and legal due diligence and the fulfillment of other conditions.
Published by Globes [online], Israel business news - www.globes.co.il - on August 26, 2007
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