HSBC Holdings PLC (HBC) will lead an international team of investors, including Israel Corp. Ltd. (ILCO.TV), planning to invest $350 million in the electric car venture Project Better Place, Israel Corp. said Monday.

Project Better Place, founded by software entrepreneur Shai Agassi, intends to build a network of charging stations for electric cars around Israel and other countries. HSBC will invest $125 million, and Israel Corp. will invest $20.5 million. Additional investors, including Morgan Stanley Investment Management, will contribute the rest of the necessary capital.

After this investment, Better Place will have a value of $1.25 billion. Israel Corp. has already invested about $100 million in Better Place since 2008.

Israel Corp. is a holding company with interests mainly in shipping, chemicals and energy.

At 1308 GMT, shares of Israel Corp. were up 76 shekels ($20.10), or 2.74%, at ILS2,846.00, in a higher Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, saratoth@gmail.com
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