The investment is part of a previously authorized pledge to invest $100 million in the electric car venture.
Israel Corp. (TASE: ILCO) has invested a further $20 million in electric car venture Better Place.
The board of Israel Corp. authorized a $100 million investment, and had previously given $23 million toward the project.
As part of the project, charging stations will be installed throughout Israel and other participating countries. The stations will allow owners of electric cars to recharge the car batteries. The project is set to also allow exchanging the batteries in order to save the lengthy recharging time.
Better Place is the venture founded and promoted by Israeli businessman Shai Agassi.
Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2009
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