ONE MOTO Technologies, a leading provider of sustainable mobility solutions focused on decarbonising the last mile in the UAE, is delighted to announce the successful securing of $40,000,000 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 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% cut by 2023”announcement by H.E Mariam Al Mheiri, Minister of Climate Change and Environment last week.
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.
“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.
A ONE MOTO EV fleet offer 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. By promoting the adoption of electric vehicles, we contribute to the UAE’s vision for a more sustainable and environmentally conscious future.” states Adam Ridgway, CEO, ONE MOTO Technologies.
“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.