Press
ActewAGL and Better Place Sign Landmark $60m Deal on Renewable Energy
June 1, 2011
CANBERRA (June 1, 2011) - ActewAGL and Better Place today signed a landmark deal for the supply of renewable energy to Better Place’s electric car charging network in Canberra.
This supply agreement is worth approximately $60 million over 10 years, and is the largest renewable energy deal of its kind in Australia. The renewable energy will be drawn from generation sources such as wind, hydro and solar.
“Today’s agreement is a significant milestone for Better Place as we move towards the deployment of our electric car charging infrastructure in Canberra later this year”, said Better Place Australia Chief Executive Officer Evan Thornley.
“This agreement is part of a high-value, long term relationship that demonstrates the willingness of industry participants such as ActewAGL to be at the leading edge of environmentally responsible solutions that support Australia’s transition to a low-carbon future.
“Better Place has always been committed to supplying our electric car network with renewable energy. When it’s done right, electric cars are the missing piece of the puzzle that can support renewables and help to de-carbonise the grid. The cars on our network will provide distributed storage, which is the key missing ingredient particularly for intermittent renewables like wind.
“This landmark deal demonstrates that renewable energy can and should play a leading role in integrating electric cars into Australia’s sustainable transport mix,” Mr Thornley said.
ActewAGL Chief Executive Officer Michael Costello said, “Today’s deal with Better Place is significant, and not just for its size, or for its commitment to deliver renewable energy. More importantly, it demonstrates that innovative companies such as Better Place can help promote investment in renewable energy sources through agreements with suppliers such as ActewAGL.
“ActewAGL is actively working on a number of environmental initiatives to help Canberra and the region reduce its impact on the environment. As a provider of energy and other essential services, sustainable business practices are critical to ActewAGL’s thinking.
“ActewAGL is excited to be involved in this innovative project, which will give Canberra residents a real opportunity to lead Australia’s transition towards the adoption of electric vehicles and a lower carbon future.”
Media contacts:
Felicity Glennie-Holmes
Better Place
Mobile: 0412 673 038
Nicole Millwood
ActewAGL
Mobile: 0414 515 359