US firm to fund e-vehicle production in Africa

Energy storage, military application, and electric motorcycle firm Alternet Systems Inc (ALYI) will launch a cryptocurrency dedicated to funding electric vehicle projects in Sub-Saharan Africa.

Alternet Systems also revealed that the cryptocurrency has successfully been minted on the Ethereum blockchain.

ALYI plans to raise $100 million through an initial coin offering (ICO), adding that the planned token sale has “received interest from an investor that may underwrite the $100 million offering”.

According to an announcement on 11 March, ALYI is currently conducting a regulatory review and developing its marketing plan for the ICO. The firm adds that it will announce a target date for the ICO in the future.

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.

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Cult Today

Cult Today

CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

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