CBNNews.com - TEL AVIV, Israel - Israelis got their first good look at an electric car Sunday in Tel Aviv, which its developers hope will dramatically change the nation's environment and dependence on foreign oil.

Project Better Place, an Israeli start-up company, would like to see lots of fully electric cars on Israel's highways by 2010.

If everything goes well, Israelis may show the rest of the world the environmental and economic benefits of electric cars over the traditional gas-fueled vehicles.

The electric cars are a joint venture by Project Better Place and Renault-Nissan, which is manufacturing the vehicles.

In 2009, Project Better Place plans to begin building some 500,000 recharging facilities nationwide to coincide with a pilot run of several hundred electric cars, to be followed by many more the following year.

Shai Agassi, an entrepreneur holding duel Israeli-American citizenship, raised $200 million in startup financing eight months ago.

Agassi also got a government endorsement and a promise of tax incentives for those willing to give an electric car a try.

According to company projections, Israelis should be able to purchase an electric sedan by late 2010 for the same price of its gas-fueled counterpart.

Source: The Jerusalem Post