Alternet Systems (OTCMKTS:ALYI) is currently involved in discussions to enter into a business agreement by the end of 2021 that could result in the development of a sustainable electricity production facility in Africa. This step is a crucial one in regards to the company’s overall comprehensive electric vehicle (EV) ecosystem strategy.
The company has always maintained that EVs are a small part of the complete electric vehicle ecosystem. As of now, Alternet Systems expects to generate around $2 million by year end from the sale of electric motorcycles. It has published an overview of its strategy that outlines both the design and production of EVs. It also touches on impacts and considerations required for EVs to replace combustion engine powered transportation to include the increased production of electricity. As per Tesla CEO Elon Musk, electricity production needs to be double to enable complete transition to EVs in the United States.
Launching its EV ecosystem in Africa is a wise move as the transportation market can be used to introduce consumers to a transportation solution for the first time, instead of persuading them to exchange one mode of transportation for another. The company is confident that developing economic regions of the world offer the most lucrative opportunity for electric transportation innovation.
Market Reaction:
On Monday, ALYI stock fell 8% at $0.0120 with more than 35.10 million shares, compared to its average volume of 21.74 million shares. The stock has moved within a range of $0.0120 – 0.0137 after opening the trade at $0.0134.
