Altec-MMXIV Limited

Project area: EVs

Project name: Seeking for financing for an EV eco-system

Company/Promoter description: Altec-MMXIV Limited is leapfrogging access to electric mobility within emerging economies. The company’s platforms enable easy conversion of current vehicles to electric vehicles while optimising overall vehicle performance. The company also extends the life of EV batteries by developing products around their 2nd and 3rd. Altec can decouple the battery financing based upon the battery life after its primary use to provide lower entry barriers for fleet operators. The company’s products and services include: electric vehicle conversion kits; electric vehicles; electric vehicle charging stations; and electric bike and vehicle battery swapping stations. It has offered services to clients in Uganda, Kenya, Tanzania, Nigeria and South Africa.

Project Description: The company intends to develop an ecosystem offering sustainable transport automobile solutions; it also intends to set up an infrastructure network to enable individuals to access low-cost, clean energy for their EVs and e-bikes. The company will implement this by deploying battery charging stations and battery swapping stations and by providing battery assembling capabilities allowing the consumers to access fully-charged batteries conveniently and cost-effectively. The swappable batteries will be for use in EVs and e-bikes.

Project objectives: To reduce the burden on the planet and the environment whilst stimulating the green economy for business benefit.

Promoter contribution: Cash equity and labour input.

Partnership Request: Seeking
funding of EUR 3,000,000 broken down as follows: battery swapping and charging stations – EUR 1,100,000; plant and machinery – EUR 1,000,000; one-year operation costs – EUR 360,000; and working capital – EUR 540,000.