Better Place signs Sonol battery replacement station deal

The electric car venture will bear the installation and operating costs of the battery recharging points at Sonol's gas stations.

Shay Agassi's electric car venture Better Place LLC has signed a strategic agreement with Sonol Israel Ltd. to place electric car recharging points at Sonol gas stations. Better Place will bear the installation and operating cost of the recharging points.

Better Place Israel CEO Moshe Kaplinski says that electric cars are scheduled to enter the Israeli and other markets this year, and that the company is rapidly moving forward on deploying the necessary infrastructure nationwide.

The battery replacement terminals will operate alongside Sonol's gasoline and diesel pumps. The system provides for the rapid and safe removal of the empty battery from the car and its replacement with a fully charged battery within minutes. "The transportation industry is about to undergo fundamental change," said Kaplinski. "Over the past year, Better Place has deployed its recharging infrastructure at parking garages, entertainment and commercial centers, office buildings, and private homes."

Sonol CEO Nir Galili said, "Energy is a dynamic industry, and our ability to adapt to the changing reality, as a company that provides energy and related products to drivers, is a critical part of Sonol's current and future operating strategy."

Sonol is a unit of Azrieli Group Ltd. (TASE: AZRG) held through Granite Hacarmel Investments Ltd. (TASE: GRNT). The Ofer family's Israel Corporation (TASE: ILCO) is a major shareholder in Better Place.

Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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