The company is expected to use €30m to finalize network deployments and fund operations in Denmark with the rest to be used for similar objectives in Israel.

According to the company, the loan secured represents the fourth major commitment by a European Institution to help expand its European operations.

Better Place Founder and Chief Executive Officer Shai Agassi said that the company secured the EIB assistance having satisfied the European lender of its credentials as both a classic infrastructure project as well as an innovative low carbon transport initiative.

"The credit facility gives us a more flexible, balanced capital structure that allows us to expand our operations without solely relying on equity," added Agassi.

The company will unveil a new network of Battery Switch Stations in Amsterdam, which along with an existing network connecting Copenhagen to Aarhus, is part of de-carbonization infrastructure project co-financed by the European Union’s TEN-T program.

"Our goal is to continue to work with European institutions and partners who share our vision for electric transport so that one day you can drive from Copenhagen to Paris in a fully electric car by switching batteries along the way," Agassi concluded.