Better Place plans IPO in two years

Shai Agassi told "Bloomberg" that the electric car recharging network developer has enough capital until the start of 2014.

Better Place CEO and founder Shai Agassi has told "Bloomberg" that the electric vehicle recharging network developer is planning an IPO in the next two years. He added, “We’re probably not going to go for another private round between now and the initial public offering. We have enough capital to go all the way until then.”

The significance of these comments is that Better Place will not be requiring a capital injection from Israel Corporation (TASE: ILCO), which has a 30% stake in the company.

Better Place is this week marking four years since it was founded. To date the company has raised $750 million and earlier this week Better Place finally delivered its first 100 electric cars, albeit to company employees.

Better Place has a cooperation agreement with Renault, which will deliver 10,000 Fluence ZE model electric cars to Israel and Denmark by the end of 2012.

Better Place said yesterday that it would be selling cars directly to the public at large as well as through leasing companies. However, the company stresses that until setting up of a batter replacement station network is completed, and a solution is found for installing charging points, cars will not be delivered to private customers.

Published by Globes, Israel business news - - on January 26, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018