New York: Seeking to provide a sustainable solution for transportation system, a new company has been floated at an initial investment of $200 million that will set up charging points in different countries for electronic vehicles.

"Our global economy urgently needs an environmentally clean and sustainable approach to energy and transportation. We need to rethink how to bring together consumers, existing technology, and the car eco-system to establish the next generation infrastructure that is not dependent on liquid fuels," Chief Executive Officer Shai Agassi said at the launch function.

The company, named Project Better Place , will establish a widespread grid of electric charging spots at parking locations as well battery exchange stations through a software systems integration, he pointed out.

The new grid presents a practical solution to address barriers to electric vehicle adoption, he said. The company is currently in discussions with various countries to establish pilot sites and plans to begin rollout of the new infrastructure in early 2008.

For the next 24 months, Project Better Place will deploy and test this framework in a variety of markets and anticipates achieving tipping-point saturation in a few markets within 10 years of the rollout.

The company plans to partner with car makers and source batteries so that consumers who subscribe to the network can get subsidised vehicles. The initial investment in the company has been made by Israel Corp, Morgan Stanley, VantagePoint Venture Partners, and a group of individual private investors. Idan Ofer, Chairman of Israel Corp, will serve as Chairman of the board of the new firm.

Source : PTI