ONE MOTO secures $40m in Lease Financing to accelerate leasing of Electric Delivery Vehicles in the UAE
ONE MOTO Technologies, a provider of sustainable mobility solutions focused on decarbonising the last mile in the UAE, has successfully secured $40m in lease financing from several investors to expedite the leasing of electric vehicles (EV) for delivery throughout the UAE.
The investment enables ONE MOTO Technologies to significantly expand its offering of electric delivery vehicles to customers and further establish their robust infrastructure network across the UAE. The company's cutting-edge technology, combined with its expertise in electric mobility, positions it uniquely to meet the growing demand for sustainable last-mile delivery solutions.
With the new funding, ONE MOTO aims to further propel the transition towards zero-emission transportation, 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 percent cut by 2023”announcement by H.E Mariam Al Mhairi, Minister of Climate Change and Environment.
Adam Ridgway, CEO of ONE MOTO, said, “Many industry customers have been requesting a finance option for our vehicles, to support their stability, growth and transition to sustainable mobility as their customers are requesting they onboard our electric delivery vehicles. Access to institutional credit is tough for them, so we worked to secure the funding needed. We won’t stop until we achieve our mission for the UAE. It’s been a very intense focus for the group to secure the right partners and we’ve found them, and during the Year of Sustainability it brings us closer to achieving our mission. Now it’s time for the fleet operators to tap in to this resource.”
Ridgway added that the lease financing deal is with immediate effect. Since ONE MOTO motorcycles don’t need charging infrastructure beyond the standard 3-pin socket, they do come with swappable battery banks being deployed in the UAE. He also added, that the vans use standard Type-2 chargers, which the company installs within the customers’ facilities if needed. Ridgway said, “We are also working with various charging operation companies in the UAE to supply the demand. Our R&D team are also working on ground breaking charging for all EVs - which we will announce in Q4 this year.”
The UAE government has been actively promoting electric vehicle adoption through various initiatives, including the commitment of more charging stations, fostering partnerships with companies dedicated to sustainable mobility.
This announcement follows ONE MOTO Technologies' financing success in the UK and aligns perfectly with these efforts, reinforcing the commitment towards achieving the UAE's ambitious sustainability goals.