OIH makes a play for the next-gen automotive sector: Orascom Investment Holding (OIH) has become a strategic investor in local e-mobility company BluEV after making an undisclosed investment, it said in astatement (pdf) yesterday. The partnership will enable the company to expand at home and abroad, accelerating the decarbonizing of light vehicles, the company said, without disclosing details of the agreement. Representatives of OIH and BluEV declined to comment on the transaction when we reached out yesterday.

Decarbonizing light vehicles: Founded by Mahmoud El Guezery (LinkedIn), Rida Baalbaki (LinkedIn), Bilal Chaabi (LinkedIn) and Ahmed Sharafeddine in March 2022, BluEV has pioneered the mobility-as-a-service (MaaS) model for electric light vehicles in Egypt. It operates a network of lithium-ion battery swapping stations for two- and three-wheeled electric vehicles, allowing users to replace drained batteries with fully-charged ones. Through the company, users can purchase new light electric vehicles or swap out their petrol engines for batteries.

What they said: BluEV has come up with a “viable practical solution” to phasing out gasoline-fuelled light vehicles in Egypt, OIH Executive Chairman Naguib Sawiris said. “The model is very similar to the commercial model of mobile phone operations, where we have massive expertise. This makes us confident that we can excel in this business model in Egypt and the region.”

Plans to expand: “[OIH’s] legacy and experience make them the perfect partner to help BluEV become the global player of MaaS, born in Egypt and grown through Africa, Europe and beyond,” said Baalbaki, BluEV’s CEO.

KHATER JOINS BLUEV AS CISO-

BlueEV has also brought investment banking veteran Tarek Khater on board as chief investment and strategy officer. Khater (LinkedIn) joins from Beltone, where he was most recently director in the investment banking division. He is a veteran of HSBC, Hassan Allam Utilities and Evolve Investment Holding.

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