EasyLease Motorycle Rental, a subsidiary of Abu Dhabi-based International Holding Company (IHC), has acquired a majority stake in UAE-based Fully Charged, a provider of electric vehicle (EV) charging solutions.
The acquisition of a 60% stake will increase the company’s footprint in sustainable mobility, the IHC unit said in a filing on the Abu Dhabi Securities Exchange (ADX) on Tuesday.
EasyLease, which operates a fleet of motorcycles that are rented out to businesses, did not disclose the value of the transaction, which has already been finalised following the necessary procedures and approvals from authorities.
“With the acquisition… EasyLease is not just investing in technology, we are strategically positioning ourselves at the forefront of the sustainable mobility transformation,” said Ahmad Al Sadah, CEO of EasyLease, in a separate statement.
Fully Charged has installed more than 5,000 charging devices and served more than 45 businesses, including Arabia Taxi, DAMAC, Dubai Holding, Emirates, and Bvgari Resort Dubai.
Its services include home charger installation, corporate charging solutions, as well as ongoing support and maintenance.
(Writing by Cleofe Maceda; editing by Brinda Darasha) firstname.lastname@example.org