FRANKFURT (Reuters) -- Better Place, an infrastructure provider for electric cars founded by former SAP executive Shai Agassi, has raised $350 million in fresh equity as part of a second round of financing.

Better Place's concept is for battery-swapping stations to complement a network of charge spots so that electric cars like partner Renault's planned Zoe can extend their range without the need of an additional back-up engine that burns fossil fuel.
Nine investors participated, including HSBC, Morgan Stanley Investment Management and Lazard Asset Management, the company said in a statement on Monday.
“This is one of the largest investments made yet in the 'clean tech' sector. The value of Better Place is now estimated at $1.25 billion,” it said.