ONE MOTO secures financing to offer fleet operators financing options to expand electric delivery vehicles

10x Industry

Mita Srinivasan
10x Industry
Published:

ONE MOTO secures financing to offer fleet operators financing options to expand electric delivery vehicles

With Dubai’s first EV assembly plant scheduled to open in Q2 2023, teams will be working to confirm contracts for the 44,500 vehicles under discussion, driving awareness of the benefits, and increasing their online and offline distribution channels.

ONE MOTO, specialising in last mile electric vehicles for commercial and private use, has secured a capitalisation of $150 million to finance vehicles to pioneer the decarbonisation of the last-mile, delivery and gig-economy industry. With the backing of a deal with a leading financier in London, ONE MOTO are offering finance to fleet operators to expand an electric delivery fleet from just UAE AED15 per day.

With Dubai’s first EV assembly plant scheduled to open in Q2 2023, a statement from the company said that it is expecting to deploy up to 30,000 vehicles in 2023.

Adam Ridgway, CEO, ONE MOTO Technologies, added, “With 12 months of conversations, we are supporting leading last-mile food delivery platforms, independent outlets and enhancing rider welfare through data-rich AI to optimise routes, zones and pay. The ecosystem foundations to decarbonise the UAE’s delivery network are set. We’ve spoken to many leading delivery operators who needed a cost-effective, sustainable option and after many trials we’ve secured roll out plans with several leaders.”

Replacing a traditional petrol fleet shouldn’t happen overnight, he added. To be effective it requires operational management to transition. Yet, it’s not just about the vehicles it’s the ancillary services to capture market dominance: Battery As A Service, supporting battery swaps allowing riders to work undisturbed by downtime, and the SaaS FinTech solution, ensures a data rich AI backed cloud system to optimise fleet and rider management.

ONE MOTO will be working to confirm contracts for the 44,500 vehicles under discussion and driving awareness of the benefits, increasing their online and offline distribution channels. Operators are looking at the commercial viability when backed up with big data.

ONE MOTO is one of the first 13 projects supported by the Ministry of Industry of Advanced Technology (MOIAT). The company is working closely with the RTA, MOIAT, Dubai Chambers, Ministry of Climate Change, Environment, DET and COP28 committees to ensure the world realises the UAE is bringing change prior to COP28 in November 2023.

Ridgway added, “We have a clear roadmap for the next 10 years. It is a decade in which the UAE will further enhance its position as a global hub for science, technology, and innovation, in line with our leadership’s vision. Our partners are key to this journey and we are committed to exploring collaborations with all companies that seek to join the UAE in its bold technological and industrial transformation.”