{"id":586288,"date":"2023-05-09T00:00:00","date_gmt":"2023-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/orascom-investment-holding-becomes-strategic-investor-in-light-ev-company-bluev\/"},"modified":"2023-05-09T00:00:00","modified_gmt":"2023-05-09T00:00:00","slug":"orascom-investment-holding-becomes-strategic-investor-in-light-ev-company-bluev","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/orascom-investment-holding-becomes-strategic-investor-in-light-ev-company-bluev\/","title":{"rendered":"Orascom Investment Holding becomes strategic investor in light EV company BluEV"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">OIH makes a play for the next-gen automotive sector: <\/span><span style=\"\">Orasco<\/span><span style=\"\">m Investment Ho<\/span><span style=\"\">lding <\/span><span style=\"\">(OIH) has become a strategic investor in local e-mobility company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/blu-ev.com\/\" style=\"\">BluEV<\/a><\/span><span style=\"\"> after making an undisclosed investment, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/456.pdf\" style=\"\">a<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/456.pdf\" style=\"\">stateme<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/456.pdf\" style=\"\">nt (pdf)<\/a><\/span><span style=\"\"> 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. <\/span><span style=\"\">Representatives of OIH and BluEV declined to comment on the transaction when we reached out yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Decarbonizing light vehicles:<\/span><span style=\"\"> Founded by Mahmoud El Guezery (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/mahmoud-el-guezery-78208516\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">), Rida Baalbaki <\/span><span style=\"\">(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/rida-baalbaki-69a264166\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">), Bilal Chaabi (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/bilal-chaabi\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) and <\/span><span style=\"\">Ahmed Sharafeddine<\/span><span style=\"\"> in <\/span><span style=\"\">March 2022<\/span><span style=\"\">, BluEV has pioneered the mobility-as-a-service (MaaS) model for electric light vehicles in Egypt. It operates a network of lithium-ion battery <\/span><span style=\"\">swapping stations<\/span><span style=\"font-weight:400;\"> 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> BluEV has come up with a \u201cviable practical solution\u201d to phasing out <\/span><span style=\"font-weight:400;\">gasoline-fuelled light vehicles in Egypt, OIH Executive Chairman Naguib Sawiris said. \u201cThe 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.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Plans to expand:<\/span><span style=\"\"> \u201c[OIH\u2019s] legacy and experience make them the perfect partner to help BluEV <\/span><span style=\"font-weight:400;\">become the global player of MaaS, born in Egypt and grown through Africa, Europe and beyond,\u201d said Baalbaki, BluEV\u2019s CEO.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">KHATER JOINS BLUEV AS CISO-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BlueEV has also brought investment banking veteran Tarek Khater on board as chief investment and strategy officer. <\/span><span style=\"\">Khater (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/tarek-khater-cfa-1821b929\/details\/experience\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) 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. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BluEV operates a network of battery-swapping stations for light electric vehicles<\/p>\n","protected":false},"author":1,"featured_media":586289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[144,6347,7286,72,7128,618,95],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-automotive","tag-bluev","tag-climate","tag-enterpriseam","tag-ma-watch","tag-orascom-investment-holding","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"0ae4af31-221c-478f-8f30-d41f42bfd18f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/461.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Investment Holding becomes strategic investor in light EV company BluEV","related_issue":[586276],"teaser":"BluEV operates a network of battery-swapping stations for light electric vehicles","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.6e9bce9d-353c-48f1-a80b-ce92923fd46b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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