Sunday, May 11, 2008

Project Better Place presents prototype; Renault seen investing up to $1 billion in R&D

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

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