Better Place signs NIS 15m electric car deal with Elco

Elco will lease125 Renault Fluence ZEs to Elco Holdings in 2012 and 2013.

Better Place Inc. has signed a NIS 15 million deal with Elco Holdings Ltd. (TASE: ELCO), controlled by Georg Salkind, for the supply of 125 electric cars to the company and its subsidiaries, including Electra Ltd. (TASE: ELTR), and Electra Consumer Products Ltd. (TASE:ECP).

Better Place will initially supply 25 Renault Fluence ZE electric cars in a leasing agreement, by the end of 2012, and an additional 100 cars during 2013. The deal could be expanded to up 600 cars. Better Place will also install its battery recharging system at the homes of Elco employees, and it will provide comprehensive technical support via its command and control system.

Elco VP business development Avi Israeli said, "The Elco group believe in a green environment and in the integration of environmentally friendly technologies. Adopting Better Place's electric cars fits in with the green construction that will be employed in the Electra Tower."

Better Place Israel CEO Moshe Kaplinsky said, "We've completed the unprecedented development stage of the infrastructure, and we're now moving to the sales stage and the provision of service to our customers. Elco Holdings and Electra are joining other leading Israeli companies which have chosen to become customers who believe in Better Place's vision. I welcome them and thank them for the vote of confidence."

Published by Globes [online], Israel business news - - on October 16, 2012

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

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