UAE-based One Moto obtains $40mln investment to achieve net-zero emissions

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UAE – Mobility startup One Moto Technologies has secured $40 million in lease financing to accelerate the leasing of electric vehicles (EV) across the UAE, according to a press release.

The fundraising will enable One Moto to further boost the transition towards zero-emission transportation, which in turn will promote a greener future for the UAE.

Founded in 2016 by Adam Ridgway and Stephen Wood, One Moto offers sustainable mobility solutions that align with the UAE's zero-emissions strategy.

Ridgway, CEO of One Moto, noted: “A One Moto EV fleet offers numerous advantages over conventional internal combustion engine (ICE) vehicles, and having the access to new capital to support the industry transition to EV now allows the team and I to focus on delivering our promise and why we are One Moto.”

Kaustubh Padakannaya, CEO of Pyse, commented: "Our enduring objective has been to mobilise capital for sustainability, ensuring it's both accessible and frictionless for everyone.”

“Exclusively partnering with this game-changing EV start-up and providing lease financing options augments the constructive change we're determined to foster in the region, in line with UAE’s COP28 objectives,” Padakannaya added.

Last year, One Moto joined forces with Rochester Institute of Technology (RIT) Dubai to launch the UAE's first Smart Mobility and Innovation Centre.