Published on September 8, 2024 by Agencies for Kenya Online News
Last Updated on 2 years by Agencies for Kenya Online News
Infinite Power Systems (IPS), a US based Private Equity investor has invested $450 million equity funding to Africa’s pioneer of electric vehicles Agilitee.
The funds will be used to expand Agilitee’s capital base and facilitate its expansion in the market by rolling out a larger delivery of scooters which are on demand in Africa.
In this venture IPS will appoint two directors to the board of Agilitee and those board members will join the Agilitee board on September 1st, 2024.
The partnership will see Agilitee move to the United States of America (USA) where its headquarters and Chief Executive Officer (CEO) will be based.
It will also seek for its shares to be listed USA and then have its African and Asian operations made subsidiary to Agilitee Inc in America.
Agilitee is known for manufacturing electric delivery scooters widely used by food chains such as KFC.
The financing will also enable Agilitee to merge its operations in South Africa, Agilitee SA with a listed company on the Johannesburg Stock Exchange a transaction that is expected to be finalized by the end of the year.
The company’s electric delivery scooters are being used by large food chains such as KFC.
