Spanish co in talks to join Better Place

Better Place has entered negotiations with Grupo ACS, one of the largest corporations in Spain.

Spanish infrastructure giant Grupo ACS SA (IBEX:ACS) is conducting negotiations with Better Place regarding the establishment of a partnership. Sources inform "Globes" that a delegation from Grupo ACS visited Israel last week for meetings with senior Better Place executives.

Grupo ACS, one of Spain's largest corporations, is engaged in construction and infrastructure projects, and energy production worldwide. The company's subsidiaries are active in Israel and one subsidiary, Dragados, was involved, among other things, in the recent expansion of Ashdod Port.

It is not yet clear if Grupo ACS will be a partner in Better Place's activities in Israel or in Spain. The Spanish government announced last summer that it planned to convert the state-owned vehicle fleet to electric vehicles, and set a target of putting one million electric vehicles on the roads within seven years. However, it is known that the Spanish government is conducting negotiations with the Renault-Nissan Alliance about setting up an infrastructure and marketing of electric vehicles in the country.

In the vehicle industry, expectations are that Better Place will soon begin raising private investment to finance the day-to-day costs of the company's activities, laying its electric vehicle battery recharging infrastructure, and short to medium-term trials.

Meanwhile, the Renault-Nissan Alliance and the Portuguese government have today officially announced the start of operations of a joint program to promote the use of zero-emission electric vehicles, and the establishment of an accompanying infrastructure of battery recharging stations. The plan is an independent initiative by the vehicle manufacturers and does not involve Better Place.

Published by Globes [online], Israel business news - - on November 25, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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