Better Place, DONG Energy Close €103M Investment for Denmark Electric Car Network

Better Place EV Prototype

COPENHAGEN,Denmark : January 27, 2009 - Better Place, in conjunction with DONG Energy, has closed approximately €103 million (US$135 million) in equity and convertible debt for the initial deployment of their electric car charging network in Denmark. (Earlier post.)


Under the terms of the agreement, DONG Energy will assist in the Better Place Denmark network rollout as well as be the preferred supplier of renewable energy to power the network. The move sets the stage for Better Place and DONG Energy to execute as planned against their commitment to enable the widespread adoption of mass-market electric vehicles by 2011.

In conjunction with the news, Better Place named Jens Moberg as Head of Better Place Europe, Middle East and Africa (EMEA) Business Development and Chief Executive Officer of Better Place Denmark, effective 2 February. As CEO, Mr. Moberg will focus on establishing Denmark as its first operation in Europe and play a significant role in expanding Better Place to other European countries.

He joins Better Place Denmark from Microsoft Corp., where he was responsible for developing and growing Microsoft’s multi-billion dollar enterprise business in Russia, India and China.

In March 2008, Better Place named Better Place Denmark as its second operator following Israel, which recently unveiled its first installed electric charge spots. Starting in 2011 through the extensive network, The Renault-Nissan Alliance will begin to commercialize a range of EVs especially adapted to Danish customer requirements. These cars will benefit from the Better Place mobility services and products.

[Source : GreenCarCongress]