Better Place Gets Cash from HSBC, Morgan Stanley, General Electric and UBS
Better Place announced it has raised an additional $200 million in financing through a Series C equity financing.
The company, which develops infrastructure for electric cars, received the money from a group of investors and partners that includes HSBC Holdings PLC (NYSE:HBC) and Morgan Stanley (NYSE:MS). Additional funding comes from new sources: General Electric Company (NYSE:GE) and UBS AG (NYSE:UBS). This doubles the company’s valuation to $2.25 billion.
Since its 2007 founding, Better Place has raised over $750 million.
The company plans to use its new proceeds in a number of different ways. It will expand into Western Europe while advancing projects in Northern California, Southern China, Japan, Ontario, Canada and Hawaii. Better Place will launch an initial commercial service in Israel and Denmark in early 2012 and offer a number of consumer offerings for electric mobility services.
In the second quarter of 2012, the company will begin commercial service in Australia with Canberra as its first venue.