Financial technology company Moove, which says it is Uber’s largest vehicle supply partner in the EMEA region, has raised $30m as part of a bid to expand in United Arab Emirates.
Moove will use the funds to scale to 2,000 EVs in UAE over the coming year, estimating that this fleet will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help Dubai and other cities meet Net Zero targets.
The multi-million dollar sukuk (Shari'ah-compliant financial certificate) issuance, arranged by Franklin Templeton Investments, will allow Moove "to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments".
Moove will be rolling out its EV charging network app, Moove Charge, which launched in London in August and is specifically for ride-hailing drivers.
It allows users to locate charge points, display charge points compatible with their vehicle, show charge point availability in real-time, filter by charge speed, start and stop charging and wallet functionality.
Moove says that at least 60% of the vehicles it finances globally are EVs.
Ladi Delano, the company's co-founder and co-CEO, called the financing a "milestone".
Since launching its 100% EV rent-to-buy model in London, Moove has also launched in India and says it will roll out 5,000 CNG and EVs across Mumbai, Hyderabad and Bangalore in its first year.
