Australia plans electric vehicle network

A US firm Thursday unveiled plans to build a massive one-billion-dollar (667 million US) charging network to power electric cars in Australia as it seeks cleaner and cheaper options to petrol. Better Place, which has built plug-in stations for electric vehicles in Israel and Denmark, has joined forces with Australian power company AGL and finance group Macquarie Capital to create an Australian network. Under the agreement, Macquarie will raise one billion dollars to build electric-vehicle networks in the country's largest cities -- Melbourne, Sydney and Brisbane -- while AGL will power the system with renewable energy. "We call it a ubiquitous charging network across the cities," said Better Place chief executive and founder Shai Agassi in Melbourne. "We are investing in Australia's economy and adding jobs while helping the country take a generational leap forward toward oil independence," he said. Under the plan, the three cities will each have a network of between 200,000 and 250,000 charge stations by 2012 where drivers can plug in and power up their electric cars. A US firm Thursday unveiled plans to build a massive one-billion-dollar (667 million US) charging network to power electric cars in Australia as it seeks cleaner and cheaper options to petrol. Better Place, which has built plug-in stations for electric vehicles in Israel and Denmark, has joined forces with Australian power company AGL and finance group Macquarie Capital to create an Australian network. Under the agreement, Macquarie will raise one billion dollars to build electric-vehicle networks in the country's largest cities -- Melbourne, Sydney and Brisbane -- while AGL will power the system with renewable energy. "We call it a ubiquitous charging network across the cities," said Better Place chief executive and founder Shai Agassi in Melbourne. "We are investing in Australia's economy and adding jobs while helping the country take a generational leap forward toward oil independence," he said. Under the plan, the three cities will each have a network of between 200,000 and 250,000 charge stations by 2012 where drivers can plug in and power up their electric cars.

Posted by: Andrew
Company: Noble & Associates
Phone: 61894007400
Posted On: 1/1/0001
Contact via email: andrew@nobleaccounting.com.au
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