The all-electric car network developed by Israel-based Project Betterplace launches in Northern and Central Israel.

The concept: to wean the world from oil and eliminate the biggest hurdles to environmentally friendly electric cars — high cost and limited range.

To do this, Better Place has jettisoned the fixed battery. Instead, drivers can swap their depleted batteries for fully charged ones at a network of stations, receiving a full, 160-kilometer (100-mile) range in five minutes. Better Place owns the batteries, bringing down the purchase price of the cars using the network.

While the initial launching includes only four battery switching stations, Project Betterplace plans to rapidly increase that number creating a robust EV (Electric Vehicle) Network.

Congrats to Project Betterplace, a company living up to it's name.