GE to finance EV infrastructure deployment
23 September 2010
GE today said it had entered into a technology and financing partnership with electric vehicle services provider Better Place to speed up the global deployment of electric vehicle infrastructure through collaboration in four key areas - standards-based technology development, battery financing, joint fleet electrification programs and consumer awareness.
The partnership combines GE's global scale, broad technology portfolio, smart grid expertise, and its new WattStation electric vehicle charger with Better Place's EV services and infrastructure solution to create scalable solutions that power electric vehicles for nearly all consumers and fleet owners.
''GE values the power of collaboration and this partnership with Better Place is about large and small companies aggregating their strengths to advance electric vehicle infrastructure deployment,'' said Beth Comstock, GE senior vice president and chief marketing officer. ''By integrating our WattStation with this service solution, we can help digital energy transform our roadways and provide a cleaner, more sustainable transportation alternative.''
"Almost three years ago, Better Place identified the transformation from oil to electricity as the last massive 'digitization' of energy, and a significant economic opportunity globally,'' said Shai Agassi, Founder and CEO, Better Place. ''Our collaboration with GE is another significant step forward for Better Place as we seek to assemble a formidable ecosystem of industry leaders including Renault, HSBC and now GE that can help us scale our model globally.
Our team of partners is committed to accelerating the acceptance of electric cars as more affordable and more convenient than our gasoline heritage.''
The agreemkent covers:
1. Standards-based technology: GE's WattStation will be compatible with the Better Place service network. Under the Better Place model, the ownership of the car and battery is separated, allowing EV drivers to avoid the heavy up-front cost of the battery and instead pay for miles and a more convenient, cleaner solution for personal transport.