202217 Jun

OX Delivers Awarded Multi-Million APC19 Grant to Develop Electric Truck Destined for Emerging Markets

Summary

LEAMINGTON SPA, England--(BUSINESS WIRE)--OX Delivers, the innovative start-up developing EV trucks for Africa, announced today that it has been awarded a multi-million-pound grant by the UK Government. The total project investment will be \xa317.1m, over \xa38.5m of which is grant funded.The OX truck has been engineered to tackle the tough terrain found in emerging markets, and will be designed to be shipped flat pack and assembled in-country. To ensure the truck is accessible for rural entrepreneurs transporting goods to market, OX Delivers maintains ownership of the vehicles and sells space on a pay-as-you-go basis. Over the next 2 \xbd years, the funding enables OX Delivers to work in collaboration with Dana, Potenza, Coventry University, and FLAGS Software; they all bring a wealth of experience to the development of advanced, affordable EV technology as well as a digital ecosystem, to optimise operating costs and minimise capital expenditure.APC Chief Executive Ian Constance said: "The projects receiving todays investment highlight the breadth of technologies needed to help the UK accelerate to net-zero emissions. Global economic and environmental benefits will ensue, strengthening highly-skilled jobs and green growth, and radiating from a UK manufacturing base.

Source: Businesswire

Funding

$20.9M
Amount
Jun 17 2022
Date
-
Investor
OX
Company

Classifications

Companies