Better Place Raises $350 Million

Better Place, a Palo Alto, Calif.-based provider of electric vehicle services, has raised $350 million in Series B funding at a $1.25 billion post-money valuation. HSBC Group led the round, and was joined by Morgan Stanley Investment Management, Lazard Asset Management and return backers Israel Corp., VantagePoint Venture Partners, Ofer Hi-Tech Holdings, Morgan Stanley Principal Investments and Maniv Energy Capital. Better Place previously raised $200 million in October 2007. The company plans to develop an electric car network that will lease out batteries that can be exchanged at its own charging stations by all-electric car owners

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