ONE MOTO, an international electric vehicle (EV) manufacturer with a global HQ in Dubai and presence in the UK and Europe, has raised £123 million ($150m) in funding from a "leading financier in London," the company said in a statement shared by its CEO Adam Ridgway.
The company said it is offering finance to fleet operators to expand an electric delivery fleet from just £3 per day.
“This is monumental in our expansion road map pan-Europe," Ridgway commented. "With the support of the finance deal, we’re expecting to deploy up to 30,000 across the UK in H1 2023. This harnesses our conversations with UK Trade & Investment (UKTI) to open the first European assembly plant.
"With 12 months of conversations supporting this announcement, ONE MOTO [is] supporting leading last-mile food delivery platforms, independent outlets and enhancing the rider welfare through data-rich AI to optimise routes, zones and pay.”
This is in line with the company's vision “to electrify all last-mile vehicles in the UK by 2026."
ONE MOTO Technologies is headquartered in London, UK, with a global HQ in DIFC, Dubai, UAE launched in December 2019. The company expanded into 21 territories in 2021, with talks in progress with another eight countries. ONE MOTO has partnered with global brands like AVIS and is also in deep conversations to build the UAE's first EV manufacturing facility.
Ridgway continues, “Currently, the UAE isn’t known for manufacturing and export, and amidst the recent announcement of Operation $300bn and the drive to create international export through manufacturing and production — crucial to the growth of any economy — and with the like-minded public and private sector collaborations, we’re able to make it happen. The UAE and our leaders have created this opportunity and we’re here to ensure that change happens."
ONE MOTO is one of the first 13 projects supported by the Ministry of Industry of Advanced Technology (MOIAT).