Two Israeli businessmen have announced a new project for cars to run on electricity, Globes reported. Called Project Better Place, the venture will be funded entirely by private money, said Shai Agassi, who along with Idan Ofer is leading the project.

They plan to install electric charging and battery charging stations throughout the country. Agassi predicted, "Within 20 years, a gas-driven car will be a rare sight." Electric cars will be cheaper to run than those fueled by gasoline and also will contribute a cleaner environment.