Agilitee, Africa’s pioneer of electric vehicles announced today that the company has secured a $450 million equity funding program led by Infinite Power Systems, a US-based Private Equity investor.
The equity expands Agilitee’s capital base and provides substantial financial resources for the expansion and release of more products to the market. This includes the financing of a larger rollout of Agilitee delivery scooters as the company scooters the company delivery scooters are in demand in Africa. The company’s electric delivery scooters are being used by large food chains such as KFC.
The financing 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. The funding will also allow Agilitee to redomicile and move to the United States of America where its headquarters will be.
Agilitee will also be seeking a listing of its shares in the USA as part of the redomicile and will then have its African and Asian operations made subsidiary to Agilitee Inc in America.
With this transaction, IPS will appoint two directors to the board of Agilitee and those board members will join the Agilitee board on the 1st of September 2024. Since Agilitee is moving to the US, the CEO will have to be based in the USA. This has led to the board deciding to appoint a new CEO of Agilitee who will lead the company from the United States. The current CEO will step down and assume a new position as Chief Architect. The CEO of IPS will join the Agilitee board as the new Vice Chairman. The Agilitee board will be reconstituted, and a new board of directors will be announced on the 1st of September 2024.
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