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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