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.