Better Place working with GE to finance purchase of batteries for EV charging stations

Better Place charging station

One major hurdle to the widespread adaption of electric vehicles is battery cost, as each one can run up to $10,000, or 1/3 the price of the vehicle. An organization called Better Place is working with GE to work on a project to finance the purchase of batteries to be used in battery switching stations in Israel and Denmark.

Aside from financing the batteries, GE is also in talks with Better Place about investing money in a larger network of switching stations. The benefit of financing the batteries, is that Better Place retains cash to operate and expand with, while GE secures for itself a steady income stream.

The electric car industry desperately needs a model like this to be implemented. Without it, gas needs to hit between eight and ten dollars per gallon for electric vehicles without swappable batteries to be competitive.

– By: Stephen Calogera

Source: Fortune