Man wants to build electric car infrastructure

Shai Agassi, a Silicon Valley technologist who was in competition to become chief executive of SAP, one of the world’s largest software companies, has re-emerged with a grand plan to reinvent the world’s automobile industry around battery-powered all-electric cars.

Others are developing green cars, like the Tesla and Chevrolet Volt. However, Mr. Agassi is not planning to make cars, but instead wants to deploy an infrastructure of battery-charging stations in the United States, Europe and the developing world.

The new system will sell electric fuel on a subscription basis and will subsidize vehicle costs through leases and credits.

“We’re basically saying this is just like the cellular phone model,” he said. “If you think of Tesla as the iPhone, we’re AT&T.”

On Monday, he plans to announce in New York City that he has raised $200 million from private venture partners, including the Israel Corporation, a large Israeli transportation and technology holding company, Vantage Point Venture Partners, as well as a group of private investors including Edgar Bronfman Sr., the liquor magnate, and James D. Wolfensohn, former head of the World Bank. Israel Corporation’s $100 million investment was announced earlier this year.

Source:  New York Times

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