HSBC investment values EV maker Better Places at $1.25 billion

A consortium of investors led by HSBC has invested $350 million in new equity financing in Better Place, a start-up operator of a chain of electric car charging stations in the US, in a second round of financing.

The $350-million financing for Better Place marks one of the largest clean-tech investments in history, which values the PaloAlto, California-based company at $1.25 billion.

This Series B equity financing round from new investors include financial institutions HSBC, Morgan Stanley Investment Management, and Lazard Asset Management.

These investors will be joining existing Series A investors including Israel Corp, VantagePoint Venture Partners, Ofer Hi-Tech Holdings, Morgan Stanley Principal Investments, and Maniv Energy Capital, among others, as shareholders of Better Place.

''The strong investment commitment and global relationships that HSBC, Morgan Stanley Investment Management and Lazard Asset Management bring to the table combined with the continuing confidence from our original investors enables us to scale up globally and execute against our plan,'' said Shai Agassi, Better Place founder and CEO.

Better Place is a start up electric vehicle services provider and is building infrastructure and intelligent network as well as works with all parts of the transportation ecosystem, including automakers, battery suppliers, energy companies, and the public sector through its operating companies in Israel, Denmark, and Australia.