Agilitee, Africa’s pioneer in electric vehicles recently announced that it has secured a whooping US$450 million equity funding venture. This funding is led by a US-based private equity investor, Infinite Power System, and will go a long way in giving the company a financial lifeblood and expansion boost including promoting new and innovative products. Currently, the company’s electric delivery scooters are being used by large food chains such as KFC.
Agilitee manufactures and produces new electric vehicles, car charging facilities, and other products. Agilitee’s business spans research, production, and sales of electric vehicles. It is actively promoting the commercialization of new energy vehicles and connected cars and exploring the research and industrialization of intelligent technologies. Agilitee is a subsidiary company of Verityhurst (Pty).
Agilitee is a growing company and is set to lead in Africa in terms of Electric Vehicles. The company produces and distributes electric motorcycles, motorcycle charging stations, and other goods throughout Africa. Agilitee’s operations include the whole EV value chain, and by pursuing the development and commercialization of intelligent technologies, they help shape the EV market in Africa.
The funding will also allow Agilitee to redomicile and move to the United States of America where its headquarters will be. The financing venture will also assist Agiliitee to complete a merger of 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. Agilitee will also be poised for a listing of its shares on an American stock exchange, with its African and Asian operations set to become subsidiaries of the newly-formed Agilitee Inc., based in the US.
A major focus of the funding will be a larger rollout of Agilitee’s electric delivery scooters which will now be produced and deployed on a larger scale to solidify their dominance in the electric mobility space on the African continent.
As part of the deal, IPS will appoint two directors to Agilitee’s board, who are set to join on September 1, 2024. The board has also made the strategic decision to appoint a new CEO who will be based in America. The current CEO will transition into the role of Chief Architect, while the CEO of IPS will join the Agilitee board as Vice Chairman. A reconstituted board of directors will be announced on September 1, 2024, marking the dawn of a new chapter in Agilitee’s journey toward global prominence.
