Alternet Systems announced IW Global and ALYI’s Kenyan electric vehicle production partner will all meet in Dallas, Texas to kick-off a joint project to raise $100 million to fund infrastructure for the ongoing production of electric vehicles in Africa. Separately, ALYI has already initiated and continues to develop $300 million in electric vehicle projects in Africa targeting the shared-ride market. The project with IW Global is intended to substantially expand ALYI’s electric vehicle initiative in Africa.
IW Global has proposed launching and managing an Initial Coin Offering (ICO) on ALYI’s behalf specifically targeted at raising $100 million to fund infrastructure for electric vehicle production in Africa. IW Global, a well-established technology firm with a wide breadth of experience spanning projects for NASA and more have recently implemented multiple blockchain solutions, has proposed launching and managing an Initial Coin Offering (ICO) on ALYI’s behalf specifically targeted at raising $100 million to fund infrastructure for electric vehicle production in Africa.
ALYI and IW Global have formulated a plan whereby, ALYI’s production and marketing partners in Kenya will form a new company (NewCo) with the specific focus of building a new, state of the art electric vehicle production plant. This NewCo will be a separate company apart from ALYI but exclusively contracted by ALYI for producing ALYI designed vehicles. The NewCo is the business entity that would initiate the proposed ICO. The funds would be dedicated to 1. Building the plant and 2. Funding the production of ALYI’s vehicles. A successful ICO would permit ALYI to substantially accelerate and expand upon its initial $300 million in existing electric vehicle projects.
ALYI has engaged legal counsel to ensure the cryptocurrency launch would be executed in compliance with prevailing regulatory guidelines.