Alternet Systems is an ambitious African-based electric vehicle company. Today released a bulletin detailing the company’s newly announced development project to create a highly advanced electric mobility site that is situated in Africa covering about 100 acres.
The platform is a significant aspect of a $300 million overall effort intended to grow further than an initial $300 million reaches quickly. ALYI has signed an investment agreement of $2.5 million to finance the new electric mobility site’s design and development. The $2.5 million reflects an advance on an expenditure of $25 million already committed under a partnership agreement.
ALYI is an innovative company committed to electric vehicles. The company was started on developing a proprietary portfolio of lithium battery advanced technology and has grown into its existing aim of developing complete exciting development services for the African market.
Dr Randell Torno, the ALYI CEO, says that the potentiality the African market has on electric vehicles exceeds by far much the rest of the world. Africa is the regional test ground for electric cars for this purpose.
Since 2007, CEO Dr Torno has been working in either the Middle East or Africa. As Lieutenant Colonel in U.S, the U.S. Army recalled him. Then deployed to Iraq, and during his fighting tour, he earned the Bronze Star. Dr Torno has been asked by name for service in Addis Ababa, Ethiopia, since completing his mission in Iraq, a 3-year deployment.
Ed Bollen, ALYI’s president, worked with the USA for 30 years. First, he was an American Marine, and then in the Intelligence community. Mr. Bollen has since worked on consulting management projects in North America, Africa, Europe, Asia, the Middle East, the Caribbean, and South America.
From its foundation in the commercialization of patented lithium technology, ALYI has been able to evolve into an innovative electric vehicle company that had an initial $300 million electric mobility action plan in Africa designed to increase rapidly beyond the original $300 million purviews.
ALYI has signed an investment agreement of $2.5 million to fund the integrated electric mobility project’s design and development. The $2.5 million reflects an advance on an investment of $25 million already pledged under a partnership agreement.
On June 30th, 2020, ALYI signed a letter of intent (LOI) for an initial tranche expenditure of $25 million to finance ALYI’s total 300 million dollars electric mobility plan in Africa.
In conclusion, with leading statistics on industrialization and energy production, Africa is arguably better placed to grow electric vehicles than the other developing economic regions. ALYI analysts expect to utilize the ride-share niche of African electric cars as a foothold for expansion into the total electric vehicle market, which is expected by 2027 to surpass $1 trillion.