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Africa: the Electric Vehicle, the Continent, and the $100M ICO

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Africa well known as a third world and underdeveloped continent, generally would be thought not to have what it takes to be ready for electric cars. However, it is not the case as the continent is now reportedly to be urbanising faster than what we so thought.

The continent’s transport system is said to run on fuel, which is quite expensive for car users as residents in Nairobi, the capital city of Kenya, spend around 14-30% of their income on fuel as the government in many African countries has subsidised fuel.

The African continent also has continued to demand electricity which is expected to quadruple by 2040. There were plans to diversify its means of generating electricity using renewable alternatives like solar, wind, etc.
According to an announcement, Alternet Systems Inc (ALYI), an energy storage, military application, and electric motorcycle firm, has entered into a partnership to launch a cryptocurrency dedicated to funding electric vehicle projects in Sub-Saharan Africa.

The ALYI African electric vehicle project is expected to kick off with a $100M initial coin offering (ICO) funding as the US firm announced that the crypto has successfully been minted on Ethereum blockchain.

ALYI claimed that the planned token sale has “received interest from an investor that may underwrite the $100 million offering.”

Through its electric motorcycle subsidiary, Alternet Systems has developed an electric motorcycle and sidecar designed for implementation within the Africa ride-share market. While ALYI claims to have already inked a deal in Kenya for its motorcycles, the company plans to use the money generated through the planned ICO to fund the production of the electric bikes.

Alternet Systems’ planned ICO comes amid increasing interest and investment in the African market from companies operating within the blockchain and crypto space.

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