JET EV, produced by Jet Motor Company, secures $9 million funding for further research and development following successful testing.
The prototype underwent a 300km drive from Lagos, Nigeria’s largest port city and commercial hub, to the historic city of Benin, all on a single charge.
To support the growing electric vehicle market, charging infrastructure and stations will be strategically established along the Lagos-Benin expressway.
Global investment in clean energy projected to reach USD 1.7 trillion in 2023.
Investment in clean energy technologies outpaces spending on fossil fuels as concerns over affordability and security triggered by the global energy crisis propel the momentum towards sustainable alternatives, according to the International Energy Agency (IEA) World Energy Investment 2023 report.
Annual investment in clean energy is expected to rise by 24% between 2021 and 2023, primarily driven by renewables and electric vehicles, compared to a 15% increase in fossil fuel investment during the same period.
However, more than 90% of this increase originates from advanced economies and China, raising concerns about potential global energy disparities if clean energy transitions do not gain traction in other regions.
The entry of electric vehicle manufacturing in key African markets, such as Nigeria, signifies a significant development for the critical minerals mining sector.
Africa, with its abundant mineral resources, can support a thriving new energy economy.
