Investment firm Sakhumnotho buys stake in EV firm Everlectric

SOUTH AFRICAInvestment firm Sakhumnotho Group has invested in Everlectric, a start-up that deploys globally imported electric vehicle (EV) technology in the logistics value chain in South Africa.

South African-based Everlectric offers commercial electric vehicles and EV components to organizations in the transport industry, as well as EV financing solutions to reduce the barrier to EV adoption for clients.

Black-controlled Sakhumnotho has a diversified portfolio, including interests in mining and resources, oil and gas, property, green energy, manufacturing and various other sectors.

The investment firm says it has entered into a binding agreement to acquire up to 30% interest in Everlectric.

Sakhumnotho says it has long invested in the energy sector through its energy division, Sakhumnotho Energy, and in recent years, the group has sought opportunities to invest in and expand access to clean energy in order to grow its portfolio in this sector.

The investment company believes the Everlectric business model is operationally competitive and will have a considerable influence on the logistics and transportation industry in South Africa over the next decade – as more logistics companies look to cost-saving options and an environmentally friendly approach to doing business.

“The Sakhumnotho partnership signals the first step towards a future that is ever-green, ever-efficient and Everlectric”

Ndia Magadagela, Director at Everlectric. Tweet

“We are a values-driven company, and we are pleased with the strategic alignment between ourselves and the Everlectric team,” said Sipho Mseleku, president and CEO of Sakhumnotho Group.

“We look forward to working with the team to fully develop and rollout a unique and innovative last-mile logistics solution in the market, true to our objective of building sustainable businesses in all forms.”

Globally, there is a fundamental shift to more sustainable business practices across sectors, including in logistics which, to date, has had limited viable options to de-carbonize fleets.

Through the bundling of commercial EVs, a network of charging infrastructure, free electricity (fuel) and an enabling internet of things platform, Everlectric seeks to reduce the barrier to EV adoption.

Key to Everlectric’s value proposition is its 100% carbon-free service offering – made possible through the use of solar technology and where solar energy is not viable, the company says it offsets 100% of its carbon emissions as it journeys towards a greener energy-efficient logistics solution.

“Our relationship with Sakhumnotho transcends the financial investment; we share a clear strategic alignment and vested interest in the transition to sustainable mobility,” said Ndia Magadagela, Director at Everlectric.

“The Sakhumnotho partnership signals the first step towards a future that is ever-green, ever-efficient and Everlectric,” Ndia concluded.

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