Feeds

Multi-million investment hints at UK battery swap shops

Better Place wins $350m funding

Next gen security for virtualised datacentres

Leccy Tech A UK rollout of Better Place’s battery swapping system now looks all the more certain. The firm has just secured a $350m (£216m) investment from some of the world’s largest banks.

The money - $125m (£77m) of which was provided by HSBC – will be used to help Better Place “expand its geographic footprint” by expanding into markets in Europe and Asia.

Can't see the video? Download Flash Player from Adobe.com

Better Place confirmed late last year that it will install its battery swap shops across Israel and Denmark by the end of 2011. A UK-specific rollout hasn’t been announced, but HSBC said it’s keen to see the technology deployed in markets with policies favouring e-car adoption.

“We expect the Better Place model to be widely adopted across many countries and cities,” said Kevin Adeson, Head of Global Capital Financing at HSBC.

The Better Place system is essentially an automated battery switcher that removes an e-car’s flat battery and then replaces it with a charged one. The company demonstrated last year how the procedure could be executed in just over 60 seconds.

The company is now valued at $1.2bn (£742m) which includes an earlier round of funding - secured back in 2007 – worth $200m (£123m). ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Our LOHAN spaceplane ballocket Kickstarter climbs through £8000
Through 25 per cent but more is needed: Get your UNIQUE rewards!
LOHAN tunes into ultra long range radio
And verily, Vultures shall speak status unto distant receivers
EOS, Lockheed to track space junk from Oz
WA facility gets laser-eyes out of the fog
Volcanic eruption in Iceland triggers CODE RED aviation warning
Lava-spitting Bárðarbunga prompts action from Met Office
NASA to reformat Opportunity rover's memory from 125 million miles away
Interplanetary admins will back up data and get to work
LOHAN Kickstarter breaks NINETEEN THOUSAND of your EARTH POUNDS
That's right, OVER 9,000 beer tokens - and counting
Major cyber attack hits Norwegian oil industry
Statoil, the gas giant behind the Scandie social miracle, targeted
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.