The cash injection is part of a $100 million financing round for the electric car venture.
Israel Corporation (TASE: ILCO) is gritting its teeth and injecting more cash into electric car venture Better Place. The company announced this evening that, in the light of Better Place's financing difficulties, and in order to continue to develop the venture, Better Place would need to raise $100 million. Out of this sum, Israel Corp. intends to contribute $67 million.
So far, Israel Corp. has invested $200 million in Better Place, and owns 28% of it. The $67 million to be invested in the current round will be transferred in two tranches of $33.3 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
Shlomit Lan and Hadas Magen