Israel's Ofer Shipping Invests $30M in Electric Car Venture

December 27, 2007 1:48 p.m. EST

Jerusalem, Isreal (AHN) - Israel's Ofer Shipping Holdings Ltd. has invested $30 million in Project Better Place, a program to create a network of recharging stations for electric cars.

"Project Better Place will install and operate an Electric Recharge Grid consisting of charging spots and battery exchange stations," according to an explanation at the project's Web site.

A month ago, Shai Agassi, former head of SAP's products and technology group, met with Isreal Electric Corporation about the viability of creating electric vehicle recharging stations.