Despite a major upheaval in recent weeks, the electric vehicle company Better Place is pushing forward its business expansion plans with a $4 million deal recently signed with Elco Holdings Ltd.
One of the largest industrial groups in Israel, Elco will purchase 125 Renault Florence ZEs that will be distributed to its subsidiaries Electra Ltd. and Electra Consumer Products Ltd. The first batch of 25 vehicles will be delivered by the end of 2012, while the remainder will be delivered throughout 2013.
Eventually Elco may purchase as many 600 vehicles from Better Place, which recently lost its founder Shai Agassi. In addition to installing battery charging equipment at the home of each employee, who will have full access to the Better Place network, the company will provide ongoing technical support.
“We’ve completed the nationwide deployment of infrastructure, an unprecedented achievement, and are now shifting from the development phase to the sales stage,” said Moshe Kaplinsky, CEO of Better Place Israel.
“Elco Holdings and Electra are joining other leading Israeli companies on the path towards a more sustainable future,” he added. “I welcome them as customers and thank them for being pioneers as we move towards and electric future.”
This new deal will be a boon for the electric vehicle company, which reported losses in the millions earlier this year.
Elco VP business development Avi Israeli told Globes that electric vehicles fit in well with the company’s own “green” initiatives, which include the Electra Tower that incorporates renewable energy, non-toxic building materials, greywater recycling and other sustainable principles into the building’s overall lifecycle.
It looks like a match made in heaven; now we just need to boost Israel’s clean energy sector to give this new partnership serious green power.
:: Better Place
Image of a Renault ZE taken from the company’s Facebook page
“I find it strange how they call it ‘Losses’ – when it is deploying a massive infrastructure project- normally this is what would be called ‘Investment’” – Well stated by someone who understands!
I find it strange how they call it ‘Losses’ – when it is deploying a massive infrastructure project- normally this is what would be called ‘Investment’