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Israel backs Palo Alto man's electric car plan
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)


San Francisco Chronicle (San Francisco's leading newspaper), June 17, 2008
Posted: June 26th, 2008
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/06/17/...

Shai Agassi, a Silicon Valley entrepreneur, pledges that he can beat the spiraling cost of gasoline with the world's first mass-produced electric car. In January, Israel's government endorsed the Palo Alto businessman's ambitious joint venture between his startup company - Project Better Place - and Renault-Nissan. Agassi says he raised $200 million to get the $500 million dollar project, which will include a network of charging and battery-exchange stations by 2010, off the ground. Project Better Place also has signed an agreement with Denmark to begin a similar operation by 2011. In Denmark, a pioneer in developing wind power, batteries are expected to be recharged using wind-powered turbines. Agassi is banking on his electric-powered sedan revolutionizing life on the roads, cleaning up the environment and reducing dependence on oil. The cars are expected to have a range of up to 140 miles per charge and a top speed of 68 mph - the speed limit in Israel. Last month, he invited reporters to test-drive a prototype that looks a lot like the Renault Megane, a four-door sedan. The car is noticeably quiet and has no exhaust pipe, an electric socket in place of a gas cap and a dashboard gauge that measures the charge of the vehicle's 450-pound lithium-ion battery. In the United States, Hawaii Gov. Linda Lingle has said she is interested in her state becoming the first to embrace the electric-car network. Mayor Gavin Newsom also has reportedly expressed interest in making San Francisco the first U.S. metropolis to place electric cars on city roads.

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