Shai Agassi, the CEO of Project Better Place, estimated on Sunday that the company's partner, the Renault-Nissan alliance, would likely invest $500 million to $1 billion in developing the swappable-battery electric cars.
"This is the cost for a three-year car program," Agassi said at a Tel Aviv news conference to introduce the electric car prototype.
Separately, Israel Corp. chairman Idan Ofer said, "I consider this to be a revolutionary project and I believe that most of the [Israeli] public will drive an electric car within a decade." Ofer has invested $130 million in the venture personally and through Israel Corp.
Sources: Reuters, Globes
Better Place secures $350 million series B round led by HSBC