Africa-based mobility fintech startup, Moove has raised $30 million from a debut sukuk issuance in order to launch and expand its electronic vehicle (EV) solutions to the UAE.
It was arranged by Franklin Templeton Investments and the company aims to build the largest electric vehicle ride-hailing fleet in the Middle East and North Africa (MENA) region.
Moove said in a statement that “it would use the funds to scale to 2,000 EVs in the UAE in the coming year, creating sustainable economic opportunities, while accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region.”
The company predicted that this fleet of EVs would contribute to a reduction of more than 5,000 metric tons of carbon dioxide emissions per year to help cities such as Dubai meet their net-zero targets.
The successful completion of the debut sukuk will allow Moove to attract Islamic investors, who are interested in environmentally and socially responsible projects, the company further added.
Mr. Ladi Delano, co-founder and co-chief executive of Moove, noted that, “This financing is a milestone for Moove — our first sukuk issuance which showcases our growth and sustainability as a global company.”
“Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets,” commented Mr. Delano.
As part of its launch in the UAE, the startup will release its EV charging app, Moove Charge. “Initially launched in London in August, the app allows users to find charge points, show their availability in real-time, filter by charge speed, and start and stop charging of the vehicle,” as per the reports.