The UAE-based provider of sustainable mobility solutions, ONE MOTO Technologies, announced it secured US$40 million in lease financing to expedite the leasing of electric delivery vehicles throughout the UAE.
The financing round was led by prominent investors who recognise the immense potential of electric vehicle (EV) adoption in the rapidly expanding delivery sector.
With the new funding, ONE MOTO Technologies aims to propel the transition towards zero-emission transportation further, fostering a greener future for the UAE. With their sights on 50,000 vehicles in the UAE by 2025, a vision echoed by the government and following the “stricter emission target with 40% cut by 2023”.
The investment will enable ONE MOTO Technologies to significantly expand its offering of electric delivery vehicles to customers and further establish its robust infrastructure network across the UAE.
The company’s technology, combined with its expertise in electric mobility, positions it uniquely to meet the growing demand for sustainable last-mile delivery solutions.
“A company’s fleet offers numerous advantages over conventional internal combustion engine (ICE) vehicles and having the access to new capital to support the industry transition to EV now allows the team and I to focus on delivering our promise and why we are ONE MOTO,” said Adam Ridgway, CEO of ONE MOTO Technologies.
“By promoting the adoption of electric vehicles, we contribute to the UAE’s vision for a more sustainable and environmentally conscious future,” Ridgway added.
“We’re thrilled to offer lease financing to the remarkable team of green advocates at ONE MOTO. Our enduring objective has been to mobilize capital for sustainability, ensuring it’s both accessible and frictionless for everyone. Exclusively partnering with this game-changing EV start-up and providing lease financing options augments the constructive change we’re determined to foster in the region, in line with UAE’s COP28 objectives. We stand ready to back today’s pioneers, who promise a more sustainable and eco-friendly tomorrow.” said Kaustubh Padakannaya, CEO of Pyse. The UAE government has been actively promoting electric vehicle adoption through various initiatives, including the commitment to more charging stations, and fostering partnerships with companies dedicated to sustainable mobility.
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