Dubai-based EV startup One Moto secures $149M funding
The company will use the funding to finance vehicles across the UK to pioneer the decarbonisation of the country's last mile, said OneMoto founder Adam Ridgway.
Dubai-based EV maker has raised approximately $149.8 million (£123,000,000) from a leading financier in London.
The company said the capital would be used to finance vehicles across the UK and decarbonise the country's last mile, delivery, and gig economy industry.
One Moto is offering to finance the fleet operators to expand an electric delivery fleet from $3 (£3) per day, a statement published on LinkedIn said.
This Dubai-based EV startup aims to put 100,000 EVs on road by the end of 2023
The EV maker, which specialises in last-mile electric vehicles for commercial and private use, is present on five continents.
The company said it will look to deploy up to 30,000 EVs across the UK in the first half of 2023.
"This harnesses our conversations with UK Trade & Investment (UKTI) to open the first European assembly plant," said Adam Ridgway, the CEO of One Moto Technologies.
Besides an electric fleet, there is also the need for ancillary services like Battery As A Service, support for easy battery swaps, Software as a Service (SaaS) fintech solutions to ensure a data-rich AI-backed cloud system to optimise fleet and rider management, Adam added.
One Moto is in conversation with leading delivery operators who are looking for a cost-effective, sustainable option to replace the traditional petrol fleet.
Headquartered in Dubai's DIFC, the company is planning to electrify all last-mile vehicles in the UK by 2026. The company said it is one of the first 13 projects supported by Dubai's Ministry of Industry of Advanced Technology (MOIAT).
Edited by Akanksha Sarma