Last Tuesday, the European Investment Bank stated that it will provide Better Place, an electric car network company, with 40 million euros (or roughly $50 million) as a loan. This enables them to continue a trend of supporting innovation in transportation sustainability.
Out of the loan, around $37 million will be utilized in finalizing network deployments as well as funding operators within Denmark, while the remaining $13 million will be applied toward similar projects in Israel.
From Clean Technica:
“After a comprehensive due diligence process, the European Investment Bank has concluded that Better Place represents both a classic infrastructure project and a clear step towards innovative low carbon transport,” said Shai Agassi, Founder and Chief Executive Officer, Better Place.
Better Place offers the option of switchable batteries to electric vehicle drivers. A membership with the company gives you the option to stop at any one of its Battery Switch Stations to swap your battery for a fully charged one and therefore have a virtually unlimited range.
The company has a network of Battery Switch Stations spread throughout Denmark, particularly between Copenhagen and Aarhus (one of the nation’s most-used transit routes). In Israel, about half of Better Place’s planned installations is already complete.
The Battery Switch Stations allow drivers to switch between battery models to expand their electric vehicle’s range without worries. The stations also provide charging platforms.
Better Place has stated that between Israel and Denmark, there are more than 500 Renault (EPA: RNO) Fluence Z.E. electric cars with swappable batteries operating on the roads. Collectively, that accounts for 3 million kilometers of travel on electric power to date.