Better Place is a start-up company that has high hopes for creating a green alternative for gas-stations - they are in the process of creating "charge spots" for electric cars, which is a large step in an eco-friendly direction.
Today, Better Place is set to receive $350 million towards its electric car goals, making its total $700 million in investments. The whole business idea is an extremely costly venture, but with such huge financial backing from places like Morgan Stanley and HSBC the company is on its way to putting their goal of having electric car charging centers into reality. The first stations are expected to be built in Denmark and Israel, but Better Place hopes to extend its reach to the US, Australia, and other cities in Europe.
A major obstacle that Better Place faces is convincing the public to go green and to begin using electric cars, as well as convincing auto-makers to begin making more eco-friendly cars. Additionally, it is estimated that Better Place will need billions more in order to finance their potentially ground-breaking company.
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They have a long way to go before charge spots become as common as gas stations. It will be interesting to see how this story progresses as Better Place tries to integrate these new stations out into the world of the market. I wonder if in due time, these charge spots become something similar to gas stations, where there are competitor charge spots right across the street from one another creating tight competition. I like the idea of changing batteries at the stations, as recharging a battery takes up to 5 hours. Mr. Bernbaum said he thinks Better Place is going to work, and I think it could work as well as more electric cars hit the streets.
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