Better Place raises $350m from nine investors

Better Place, which supplies services for electric cars, has raised $350 million from nine investors including HSBC, Lazard Asset Management and Morgan Stanley Investment Management.

Better Place is building nationwide car-recharging networks in Israel and Denmark to assist electric cars manufactured by Renault.

Commenting on the topic, the company stated, "This is one of the largest investments made yet in the 'clean tech' sector. The value of Better Place is now estimated at $1.25 billion.”

Better Place CEO Shai Agassi said the financing would allow the company to its operations in Denmark.

HSBC is leading the financing round in Better Place with $125 million investment that provided it with a 10 per cent stake in the company.