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Wednesday 25 April 2018
25 April 2018 - NEWS UPDATE

€40m to create first pan-European EV highway

Electric car network provider Better Place has secured a €40 million loan from the European Investment Bankto help accelerate the development of low-carbon transport across Europe.

The loan marks the first-ever credit facility from a financial institution for Better Place and continues support for innovation and sustainable transportation by the European Investment Bank.

The majority of the proceeds from the loan (approximately €30 million) will be used to finalise network deployments and fund operations in Denmark. The remaining proceeds will be used for similar purposes in Israel.

In Denmark, the Better Place network of Battery Switch Stations now connects Copenhagen to Aarhus, allowing Danish drivers to complete one of the most important routes in the country.

The first Copenhagen Battery Switch Station in the Danish network – and soon a second one in Amsterdam – are part of a de-carbonisation infrastructure project co-financed by the European Union's TEN-T program, "Greening European Transportation Infrastructure for Electric Vehicles." Better Place also participates in the European Commission's sustainable mobility project, "Green eMotion," which is part of the European Green Car Initiative.

The company's goal is to continue to work with European institutions and partners who share a vision for electric transport so that it will be possible to drive from Copenhagen to Paris in a fully electric car by switching batteries along the way.

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