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Mobile fintech company Moove has launched and launched its electric vehicle (EV) charging app, Moove Charge, in the UAE, raising US$30 million in its maiden Sukuk offering.
The Sukuk, arranged by Franklin Templeton Investments, is a way to attract Islamic investors interested in environmentally and socially responsible investing, the company said.
Founded in Nigeria to provide income-based vehicle financing, including a partnership with ride-hailing giant Uber, Moove has expanded to 13 markets by 2022, aiming to provide sustainable economic opportunity and facilitate access to vehicle financing for mobile gig workers, a statement Say.
The Sukuk “will undoubtedly provide Moove with additional access to financing for its ambitious expansion plans,” the statement added.
The sukuk has been privately placed and structured as a sukuk alistisna, a Shariah-compliant order contract for the manufacture of electric vehicles.
Raddy Delano, co-founder and co-CEO of Moove, said the financing is a milestone as it furthers the company’s plans to build the largest ride-hailing fleet of electric vehicles in the region to drive mobility electrification And bring the city to net-zero goals.
The company said it plans to scale up 2,000 electric vehicles in the UAE by 2023, which would translate to a reduction in CO2 emissions of 5,000 metric tons.
Moove has pledged to ensure that 60% of the vehicles it finances globally are electric. “The company is working with partners within the MENA value chain to facilitate this transition in regions where charging infrastructure remains limited,” the statement concluded.
(Reporting by Imogen Lillywhite; Editing by Cleofe Maceda)
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