Egypt’s Blu EV Commits $100 Million to Morocco’s Electric Mobility Future
Blu EV, an innovative Egyptian electric mobility company, is poised to make a significant entry into the Moroccan market by the close of this year. Backed by the prominent billionaire Naguib Sawiris, the firm plans to inject a substantial $100 million into the North African nation’s burgeoning electric vehicle sector. Specializing in the conversion of traditional gasoline-powered motorcycles into eco-friendly electric counterparts, Blu EV’s expansion marks a pivotal moment for sustainable transportation in the region. This strategic investment underscores a growing trend of African-led innovation driving green initiatives across the continent.
Driving Sustainable Transport Across North Africa
Reda Baalbaki, Blu EV’s co-founder and Chief Executive Officer, shared with Asharq Business that the company’s move into Morocco is a deliberate component of a broader, gradual expansion strategy extending across North Africa and the Middle East. Simultaneously, Blu EV continues to strengthen its presence within Egypt, consistently aiming to deliver affordable and environmentally sound two-wheeled transportation solutions. A key advantage highlighted by Baalbaki is the operational cost-efficiency of their electric bikes, which are approximately 30% cheaper to run compared to conventional fuel-powered motorcycles. This focus on cost reduction is directly linked to the company’s core mission: alleviating pollution and making sustainable mobility accessible to a wider demographic. Launched in 2023, Blu EV is chaired by Naguib Sawiris, who has notably invested $120 million into the company through a strategic partnership, cementing his commitment to pioneering clean energy solutions.
This substantial investment by Blu EV in Morocco not only signifies a major step for the company’s regional growth but also contributes significantly to advancing electric mobility infrastructure in Africa. By offering economical and eco-friendly alternatives to fuel-dependent transport, Blu EV is poised to play a crucial role in fostering a cleaner and more sustainable future for urban commuting in Morocco and beyond, reinforcing the continent’s embrace of green technology.
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