Better Place, IEC sign recharging agreement

The Israel Electric Corp. will set up a network of vehicle recharging points in public places.

Israel Electric Corporation (IEC) (TASE: ELEC.B22) today signed a first memorandum of understanding on the subject of recharging electric vehicles with Better Place. Under the terms of the agreement, a network of recharging points in public places will be set up by the IEC, which will own it and operate it as a vital service. The IEC, as a supplier of a vital service, will be able to sign similar agreements with all companies operating in this area.

The agreement was signed today by IEC CEO Amos Lasker and Better Place CEO Moshe Kaplinsky.

IEC's recharging network will include: recharging points, and electrical equipment to connect the electricity grid, and the recharging management system. The recharging network that the IEC will set up will enable control of the flow of electricity, which will allow the electricity supply to be stable and reliable.

In accordance with the policies of the Ministry of National Infrastructures, the IEC will set up the network with financing from Better Place, and any other recharging supplier that wishes to set up recharging points in public places.

Electricity prices to cover the costs of the recharging network will be set by the Public Utilities Authority (Electricity).

Better Place also seeks to purchase other services from the IEC such as: logistical services, project management, and consultancy regarding the expected influence on the electricity grid in other countries in which Better Place operates.

The agreement signed today between Better Place and IEC is subject to approval by the relevant regulatory authorities.

Published by Globes, Israel business news - - on March 29, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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