Macquarie Capital and AGL have teamed up to create a network of electric cars in Melbourne, Brisbane and Sydney worth $1 billion.
Thanks to Macquarie Capital and AGL, most Australians will be driving electric cars within four years.
The two companies signed an agreement worth $1 billion with international group Better Place to build infrastructure in Brisbane, Sydney and Melbourne.
Around 200,000 to 250,000 recharge stations will be built in a network that allows drivers to recharge at their home, in businesses, car parks and shopping centres.
Better Place, founded by American entrepreneur Shai Agassi, has designed the infrastructure model, which is already being rolled out in Israel and Denmark.
The network of recharge stations is expected to be built by 2012, said Agassi.
Switch stations will also be installed on major freeways to allow drivers to exchange batteries through a drive-in station like a car wash.
Victorian premier John Brumby supported the plan.
“The Victorian government supports any initiative that will have positive outcomes in reducing emissions in the transport sector and I welcome this innovative approach to help make broad adoption of electric vehicles in Australia possible.”
Mr Agassi said the plan would create new jobs in Australia, as well as encourgaing car manufacturers to develop electric-only vehicles.
: The Australian