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Launching an Electric Vehicle (EV) venture is considered a high priority for Energy Culture, as it decarbonizes the company business and also increases the penetration of EVs in Africa, considering the vehicles will be deployed to operate as a taxi service within major cities. This venture is being promoted by Energy Culture and its associates, who comprise individual and corporate investors, symbiotically working together through pooling their capacities, knowledge, networks, and experiences of doing business in Africa to successfully accomplish the launch.
This venture is planned for implementation in three stages; i.e. the Pilot Phase, the Commercial Test Phase, and the Local Assembly Phase. For the venture to be successful, Energy Culture has also identified the need to collaborate with sustainability partners, to enable an ecosystem to exist. The need for this value-based ecosystem emanates from the dependencies that the venture has in the area of selecting locations to position the desired charging infrastructure for the vehicles, among others.
All matters relating to available reserves, project cost, equipment specification, project schedule, the scope of work, and procurement activities, are duly examined by Energy Culture and the results included in a legal structure to guide the terms of collaboration. Subsequently, by equitably sharing responsibilities, the Natural Gas produced from the asset, is then sold to third parties and the proceeds are distributed (if applicable) after all initial CAPEX & OPEX allowances, taxes, royalties, etc., have been duly deducted. It is anticipated that the arrangement will exist for a pre-agreed period, negotiated on a mutually exclusive basis until the investment made is profitably amortized.
Energy Culture’s business focus in this segment is mainly to identify Natural Gas co-development opportunities and seek collaboration with technical and financial partners, to bring the gas on stream for the benefit of the environment and stakeholder’s economic interest.
