A Dallas-based firm is expanding its $300 million financing on the Ethereum blockchain for its electric vehicle production in Africa.
As contained in an announcement, Alternet Systems (ALYI), Inc. is expanding its vehicle production with a $100 million cryptocurrency investment strategy.
The cryptocurrency financing approach got a major boost through a proposition by IW Global to launch and manage Initial Coin Offering (ICO) on behalf of ALYI.
The ICO, to be launched on the Ethereum blockchain, targets raising a whopping $100 million to expand the company’s infrastructure to enhance electric vehicle production in Africa.
IW Global is a widely recognized tech. firm with vast experience. It has managed projects for NASA and also implemented several blockchain solutions.
The ICO is a continuous process of the firm’s decision to develop $300 million worth electric vehicle projects in Africa.
The production is to focus on the shared ride market and recently confirmed a fleet order for an initial 50 electric motorcycles to be delivered in Texas, the firm has said.
Recently, ALYI passed an electric motorcycle prototype testing milestone, making it race to complete the production design pilot of its motorcycle.
“The production design plans have already been approved by partners, vendors and clients,” claims ALYI.
Both IW Global and ALYI formulated a plan in which ALYI’s production and marketing collaborators in Kenya will create a firm named NewCo to focus on designing and building a new unmatched electric vehicle production plant.
Although NewCo will be a distinct firm from ALYI, however, it is going to be contracted by the company to produce ALYI designed electric vehicles.
NewCo is responsible for initiating the ICO with the fund shared on building the plant and funding the production of ALYI’s vehicles.
If the ICO is successful, ALYI will have the opportunity to expand upon the said initial $300 million already deposited on the electric vehicle projects.
While ALYI will work on every regulatory procedure to make sure the cryptocurrency launch is successful, the firm is ready to comply with regulatory guidelines.