"The plan, the brainchild of the former Silicon Valley software executive Shai Agassi, is an effort to overcome the major hurdles to electric cars - slow battery recharging and limited availability."
"Mr. Agassi has succeeded in assembling a growing consortium of national governments, regional planning organizations and one major car company. Tuesday's announcement follows earlier endorsements from Israel, Denmark, Australia, Renault-Nissan and a coalition of Northern California localities supporting the idea leading to the deployment of an electric vehicle with a range of greater than 100 miles, beginning at the end of 2010 in Israel. The company plans test deployments of vehicles in 2009 and broad commercial sales in 2012."
"On Tuesday, he said that he was optimistic about his project despite the dismal investment and credit markets because his network could provide investors with an annuity. Users of his recharging network would subscribe to the service, paying for access and for the miles they drive."
"Mr. Agassi has argued that even if oil prices continued to decline, his electric recharging network - which ideally would use renewable energy sources like solar and wind - could provide competitively priced energy for a new class of vehicles."