Silicon Valley Entrepreneur Raises $200 Million to Recharge Electric Cars

Tesla Roadster

Silicon Valley entrepreneur Shai Agassi believes electric cars are the future of transportation, and he’s raised $200 million to build the infrastructure needed to get them on the road

His firm, Project Better Place, hopes to revolutionize electric vehicles like the Tesla Motors Roadster and Chevrolet Volt by making them cheaper and easier for consumers to own and operate. The idea is to sell electricity through subscriptions much like cell phone plans and subsidize vehicle costs through leases.

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