{"id":80188,"date":"2023-10-23T01:00:50","date_gmt":"2023-10-23T01:00:50","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/23\/neo-mobility-raises-usd-10-mn-in-seed-round\/"},"modified":"2023-10-23T01:00:50","modified_gmt":"2023-10-23T01:00:50","slug":"neo-mobility-raises-usd-10-mn-in-seed-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/23\/neo-mobility-raises-usd-10-mn-in-seed-round\/","title":{"rendered":"Neo Mobility raises USD 10 mn in seed round"},"content":{"rendered":"

STARTUPS-<\/strong><\/p>\n

Neo Mobility completes seed funding round:<\/strong> Dubai-based all-electric last-mile logistics and mobility company Neo Mobility<\/a> has raised USD 10 mn in a seed funding round from green financing firms Delta Corp Holdings and Pyse Sustainability Fund among others, according to a statement<\/a> released on Friday. The investment will allow Neo to scale up its operations to 5k two-wheeler and four-wheeler EVs in the UAE by 2025. \"The seed fund represents an exciting milestone in our journey, accelerating the transition to eco-conscious last-mile logistics,\" said Neo CEO Abhishek Shah in the statement.<\/p>\n

SUSTAINABLE AVIATION FUEL-<\/strong><\/p>\n

<\/a><\/strong>Egypt and Honeywell to partner on local SAF production? <\/strong>Egypt\u2019s Oil Minister Tarek El Molla met with a delegation from US-based conglomerate Honeywell in Cairo to explore the possibility of establishing a local SAF production plant in the country, according to a statement<\/a> released on Friday. Egypt\u2019s government is looking to establish the SAF production company under the umbrella of the Egyptian Petrochemicals Holding Company in a bid to establish production plants with a capacity of 120k tons of SAF annually, the statement reads. Feasibility studies have been carried out for the proposed SAF production facility, expected to be located near the Alexandria National Refining & Petrochemical Company production plants in Alexandria, according to the statement.<\/p>\n

REMEMBER- Honeywell recently debuted new SAF production tech:<\/strong> Honeywell unveiled green hydrogen-powered SAF production tech<\/a> last May, which the company says can slash greenhouse gas emissions by 88% in comparison with conventional jet fuel. The new technology will combine green hydrogen and carbon dioxide captured from industrial smokestacks to produce lower-carbon methanol, which can be turned into fuels including SAFs.<\/p>\n

GREEN FINANCE-<\/strong><\/p>\n

Egypt eyes Brics\u2019 development bank for renewables + green <\/strong>hydrogen funding: <\/strong>Egypt is looking to get funding for its renewables green hydrogen and green ammonia projects in its Suez Canal Economic Zone from the Brics\u2019 New Development Bank, according to a statement<\/a> released on Thursday. Prime Minister Mostafa Madbouly confirmed that a plan is being prepared to determine aspects of cooperation with the bloc and its affiliated bank.<\/p>\n

ELECTRIC VEHICLES-<\/strong><\/p>\n

Electromin and Quantron AG roll out Saudi\u2019s largest fleet of all-electric trucks:<\/strong> Saudi Arabia-based motor vehicle manufacturing company Electromin has rolled out KSA\u2019s largest fleet of all-electric trucks to date in partnership with German automaker Quantron AG, according to a statement<\/a> released last week. Electromin has deployed 50 of the German company\u2019s Qargo 4<\/a> light truck EVs, which have a 200 km tested driving range and are designed to upscale last mile delivery operations in urban areas. The EVs pack an 81 KW battery and have a 1.9k kg payload capacity, according to the company. The EVs have been prepped for deployment in collaboration with KSA-based corporations including Pepsico and Red Sea Global, the Saudi Gazette notes.<\/p>\n

Electromin has been readying KSA\u2019s EV infrastructure:<\/strong> The company revealed plans<\/a> to establish KSA\u2019s first ultra-fast direct current (DC) charging networks for EVs last July. The company already has over 100 alternating current (AC) charging chargers in the kingdom and its new addition of DC networks will enable it to cater to both B2B and B2C user segments.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n