The funding is set to accelerate the leasing of electric delivery vehicles across the UAE.
ONE MOTO Technologies, a UAE-based sustainable mobility startup, has secured a $40 million investment led by Pyse. The funding is set to accelerate the leasing of electric delivery vehicles across the country, helping to foster a far more environmentally-friendly future for transportation in the UAE.
“The huge investment secured by ONE MOTO will facilitate the expansion of a robust infrastructure across the country and allow the company to significantly grow their capacity to provide electric delivery vehicles,” Adam Ridgway, CEO of ONE MOTO Technologies, tells StartupScene. “A ONE MOTO EV 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. By promoting the adoption of electric vehicles, we contribute to the UAE's vision for a more sustainable and environmentally conscious future.”
The UAE government has been actively promoting the use of electric vehicles through various initiatives, such as by installing more charging stations throughout the nation, and building relationships with companies driving sustainable mobility forward. In light of this national initiative, ONE MOTO Technologies hopes to have 50,000 vehicles in the UAE by 2025, echoing the Emirati Ministry of Climate Change and Environment’s recently-announced goal of reducing carbon emissions by 40% by 2023.
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