Better Place and Macquarie Capital Group will raise $1 billion to build a network of 250,000 charging stations and battery exchange stations in key locations along the east coast by 2012. The network will be powered by wind turbines owned by AGL Energy.

Agassi has been promoting the plan as a way to reduce our dependence on oil (the starting premise for the project was "how do you run an entire country without oil") while creating jobs and boosting the local economy (see this interview on the Today Show for his explanation). Operating in Australia will also help the group prove it can work in large countries as well as the much smaller geographical areas covered in the first 2 rollouts. Agassi also noted that the Federal Government's $500 million Green Car Innovation Fund played a part in encouraging them to set up in Australia.