Folti - eDryv

Deployment of EVs for intra-city passenger transportation in Africa through employing a technology-enabled ecosystem that has unique features and offers a greater passenger experience than the norm.

Progress: (a) Acquired 10.077 acres (4.78 hectares) of land for the eventual construction of an assembly plant during Phase 2 of the venture and commenced approval processes; (b) Incorporated an SPV to develop the venture and engaged advisors; (c) Developed a proprietary design and configuration for a battery-buffered smart EV charging system and finalized negotiations for the manufacturing with OEM; and (d) Acquired a 1,320m2 property to use as a central charging station for the initial 30 EVs in Lagos, Nigeria.

(1) High level of insecurity using random commercial passenger vehicles; (2) The inconvenience of ride cancellation, short waiting time, and lack of advance trip booking; (3) The discomfort of passengers in existing vehicles and poor sanitation; and (4) The high cost of transportation, resulting from the costs of fuel.

(1) EVs will decarbonize the African transportation sector and increase EV penetration in Africa to enable cities to meet their NDC commitments; (2) The high cost of conventional fuel (diesel and gasoline), despite subsidies in some countries have made the cost of transportation high. Deploying EVs will ease this burden; (3) The current passenger transportation offering in the market does not give the sense of security, convenience, and comfort passengers require; and (4) Features enabling an interplay between technology and mobility, provides an ecosystem for greater customer experience.

We have 15 different reasons for passengers to download our apps and book our rides instead of using
Uber, Bolt or InDriver. 1). In car CCTV monitoring and remote driver behavior check; 2). Zero emission and low noise pollution; 3). In-car advertisement
screen on headrest for passenger visualization; 4). Earning of miles per trip, together with tokenization of saved miles for use in redeeming future
trips; 5). Speed limiting, and lane departure monitoring of drivers; 6). Clear, verifiable and informative driver identity and performance; 7). Option for 5
minutes wait before pick up and 5 minutes wait after drop off for free; 8). Better comfort and better hygiene - driver cleans and sanitizes vehicle interior after each trip; 9). Fare credit option for registered working class passengers with verifiable data and satisfactory KYC outcome; 10). Insured trip and insured driver; 11). No trip or booking cancellation; 12). Daily rental and school runs option at a monthly flat price; 13). In-car advertisements, free Wi-Fi,
and option for passenger upload of advertisement videos; 14). Cheaper rates than Uber, Bolt and inDriver during surge hours; and 15). Book ahead option for up to 5 days before commuting date.

(a) Company-Owned-Company-Operated ride-hailing fleet on a company-proprietary platform to transport passengers; (b) Ride-hailing operations under a lease agreement with credible small fleet operators who are able to make a 30% deposit on a 5-year Lease-to-Own basis, while 70% is charged at an interest charge equivalent to the prevailing money market rate; and (c) Serving the transportation needs of corporate clients to reduce their carbon footprints. They use the EVs for their day-to-day commuting in a dedicated chauffeur-driven vehicle and pay a rental fee