South African carmaker expands after Zim deal
SOUTH African electric carmaker Agilitee South Africa says it has inked a deal with GridCars Proprietary Limited (GridCars) to build and operate 100 electric vehicle (EV) charging stations in that country after making a major acquisition in Zimbabwe.
Agilitee has acquired 90% shareholding in the Zimbabwean EVs dealership, Zimtorque, in a cash-and-share swap deal whose value was not disclosed, but is seen as one of the biggest deals in the industry recently, which will see Agilitee moving into Zimbabwe with an assembly plant.
Subsequent to the transaction, Zimtorque was renamed Agilitee Zimbabwe.
In a statement, Agilitee said GridCars has experience in building and operating such networks in South Africa.
“Following the conclusion of the due diligence exercise and the confirmation of the board to continue with the acquisition, the company notes that Agilitee SA has accepted a proposal from GridCars Proprietary Limited for the building and operation of a network of 100 electric vehicle charging stations in South Africa in several phases. Gridcars will be appointed as the charge point operator and will have certain rights to negotiate on behalf of Agilitee SA,” the firm said.
The firm described the transaction as a sign that Africa is ready for EVs and Agilitee, as a pioneer of the industry in Africa, had decided to put more efforts on infrastructure development starting in South Africa, Zimbabwe and Nigeria.
“As we are pushing for African adoption of electric vehicles, it has to be understood that people buy combustion engines because they know where to fill in the tank, they also know where to service the vehicles and with EV that infrastructure is not even there. This transaction with GridCars will help us build the infrastructure not just for Agilitee, but for the whole industry,” the firm said.
“In South Africa we have just seen the EV bus by a company called Golden Arrow which I am so proud of. We believe in the future of our continent and our ability to build an eco-friendly environment for all the people of Africa,” said Mandla Lamba, the firm’s chief executive officer.
Zimtorque boss Tanaka Kutama will be moving up to join Agilitee’s parent company, Lamba Automotive, as chief operating officer.
Lamba said Zimbabwe had become a major attraction following an influx of lithium battery miners recently, where over US$300 million has been earmarked for sinking shafts to extract the lucrative mineral and ship it abroad.
He said the decision to set up the plant in Zimbabwe came following a surge in demand since the firm brought a demonstration unit to Harare late last year.
The process towards setting up a plant would kick off this July, Lamba said, noting that Zimbabwe was an important part of the firm’s strategy.