JOHANNESBURG, South Africa, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Agilitee Limited. (“Agilitee”), the electric vehicle manufacturer, today announced that it has entered in an exclusive manufacturing license agreement for Electric Vehicles (EVs) with eBikeGo Private Limited. The agreement with eBikeGo provides Agilitee with the ability to meet the demand for its product with greater manufacturing capacity, agile and flexible factory set up, and the quality standard demanded by our customers.
“We are very pleased to announce this amazing partnership agreement with eBikeGo as it demonstrates Agilitee’s capabilities and competitiveness in the EV market,” stated Dr. Mandla Lamba, Founder & Executive Chairman, Agilitee Private Limited. “I have been extremely impressed with the level of innovation and quality of eBikeGo’s technology and products. eBikeGo’s growth rate and position in the business within the rapidly expanding EV sector is an adventure of its own and Agilitee looks forward to playing a significant role in the business of green technology and Artificial Intelligence in Africa. The transaction took a year to negotiate and finally concluded, and I must say that I am grateful to the Founder of eBikeGo Dr. Irfan Khan, with whom over the period we have developed a personal friendship that I believe is necessary for us as Agilitee because he is a visionary of note, and I am truly inspired by him,” concluded Dr. Mandla Lamba.
“As we start this Journey, it becomes apparent that our customers would be better served by a more streamlined process,” said Hon. Thembekile Mzantsi, Co-Chairman, Agilitee. “The most important thing was making sure our customers can rely on delivery of the product and the highest quality service. The combination of eBikeGo’s long experience in the EV industry and ability to manufacture to the highest quality standards and Agilitee ability to service its products and customers delivers the best of all worlds to the growing EV markets globally.”
The exclusive transaction that is done with Verityhurst on behalf of Agilitee will allow eBikeGo to manufacture a new brand of electric motorbikes and scooters under the brand name of Agilitee, the same will be sent to Africa as knocked downs and will be assembled in South Africa for the entire African Market. eBikeGo will send a delegation of engineers to South Africa to build an assembly plant that would be used to assemble the Electric Vehicles. eBikeGo will also send engineers that will transfer skills to the locals thereby creating hundreds of jobs as the partnership with Verityhurst and Agilitee is exclusively for the entire continent of Africa. Agilitee will not be selling the EVs directly but will be selling country-to-country licenses across Africa who will in turn sell the vehicles to the public; however, it will control the operations of the plant in South Africa which will act as a conduit to the African market as a whole. Agilitee will be guided closely by eBikeGo on the deployment of the African growth strategy though it will have an independent decision-making process that has to adhere to the terms of the agreement. Companies that are interested to buy licenses for their countries can contact Verityhurst or Agilitee directly. On behalf of Agilitee, the transaction was advised by Verityhurst Capital and the contract management advisory was provided by Nondwe Bakaco. Agilitee will be doing a capital raising exercise of R500 million for the development of both the assembly and the manufacturing plant, the same will be backed by the Private Equity parent company of Agilitee, Verityhurst (Pty) Ltd that is headed by Hon. Thembekile Mzantsi. Verityhurst will provide R100 million in a form of a convertible note. The aim is to have Agilitee listed on either the Johannesburg Stock Exchange or the London Stock Exchange in the third quarter of 2021
Commenting on the transaction, Dr. Irfan Khan, Founder & CEO of eBikeGo said “With the market expansion in multiple cities in India, we are now focusing on expanding our brand internationally and it was a great collaboration with Dr Mandla Lamba and their entire team for Africa region. We with our technology and innovation in the EV market would add a great value and wanted our partner to be one of the leading manufacturer in EV segment in Africa."
About Agilitee
Agilitee manufactures and produces new electric vehicles, car charging facilities, and other products. Agilitee's business spans over research, production and sales of electric vehicles. It is actively promoting the commercialization of new energy vehicles and connected cars and exploring the research and industrialization of intelligent technologies. Agilitee is a subsidiary company of Verityhurst (Pty) Ltd. www.agilitee.africa
About Verityhurst Capital
AN ADVISORY FIRM DEDICATED TO THE SUCCESS OF SMALL TO MIDDLE-MARKET COMPANIES IN AFRICA With Headquarters in Fourways, Johannesburg, Verityhurst Capital is an independent investment banking and advisory firm dedicated to the small to middle market companies in South Africa. Since the founding of Verityhurst Capital in 2019, the firm has provided honest and effective advice on mergers and acquisitions, private capital raising, financial restructuring, fairness opinions and valuations, and strategic advisory to the executive teams, boards of directors, and financial sponsors of public and private companies. Working with one of the most high-ranking Johannesburg Stock Exchange approved Sponsors and Designated Advisors, Verityhurst Capital can swiftly assist its clients in raising capital through listings on the Johannesburg Stock Exchange. www.verityhurstcapital.com
About eBikeGo
eBikeGo is India’s leading electric mobility design company with their operations spread across India serving leading delivery companies. eBikeGo’s scooters are built using robust technology and innovation. eBikeGo is now the trusted electric mobility partner for more than 30 leading companies in 8 major cities in India. www.ebikego.in
For more information
Dr. Mandla Lamba
Chief Investment Officer
Tel: +27(0)11 367 0636
Email: info@verityhurstonline.com
Website: www.verityhurstonline.com
source: Verityhurst
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