BETTER PLACE PARTNERS WITH AGL AND MACQUARIE TO BUILD ELECTRIC VEHICLE INFRASTRUCTURE IN AUSTRALIA

Will Raise up to $1 Billion AUD to Fund Initial Network Build Out

Melbourne, Australia (Oct 22, 2008) — Better Place today announced agreements with AGL Energy and financial advisor Macquarie Capital Group to raise $1 billion (AUD) and begin deploying an electric vehicle (EV) network powered by renewable energy. The Better Place model for sustainable mobility will help Australia move toward oil independence. With the world’s seventh highest per capita rate of car ownership, the country has nearly 15 million cars on the road after adding over a million new cars last year.

Victorian Premier John Brumby said, “The Victorian Government supports any initiative that will have positive outcomes in reducing emissions in the transport sector and welcomes this innovative approach to help make broad adoption of EVs in Australia possible.”

Better Place will use its scalable model, which Israel and Denmark have adopted, to build the EV network in Australia. Macquarie will assist in business development and help raise AUD $1 billion for the network build. In support of the project, AGL will provide electricity from renewable sources to power the electric cars and enable Better Place to deliver sustainable transportation.

“As the world’s sixth largest country, our network build out in Australia will demonstrate that the Better Place model works in all countries, regardless of size,” said Shai Agassi, CEO and Founder of Better Place. “We are investing in Australia’s economy and adding jobs while helping the country take a generational leap forward toward oil independence.” Agassi added, “With our commitment to build infrastructure and the Federal Government’s $500 million Green Car Innovation Fund, there is a compelling case for automobile manufacturers to jump in and build clean, safe, affordable electric cars for Australasia and Southeast Asia.”