A South African based electric vehicles (EVs) manufacturing company, Agilitee Africa that has set its sight on the Zimbabwean market is in negotiations with an investor to raise US$250 million to fund its expansion drive into the Continent.
The Johannesburg Stock Exchange listed company has already acquired a Zimbabwean entity, Zimtorque that has since been renamed Agilitee Zimbabwe.
The company chief executive officer, Dr Mandhla Lamba said they were selling 4,9 percent its share for $250 million (3,9 billion Rand) to finance infrastructure development across the Continent.
The potential investor would be announced once all regulatory requirements have been completed.
“Agilitee as a pioneer of the EVs in Africa has been pushing for the swift adoption of EVs throughout out the continent. This will only be achieved through an immediate approach the development of infrastructure.
“So this financing will allow us to roll out our fully fledged network in Africa starting in South Africa, Zimbabwe, Nigeria and Swaziland in the next 18 months.
The company recently announced that they we are developing 100 charging stations in South Africa that are expected to be completed by December.
The company launched a range of motor cycles in May and is developing a four-wheel drive electric vehicle.