Alternet Systems, Inc. announced drafting a letter of intent (LOI) with its funding partner delineating terms for an initial $25 million first tranche investment to fund ALYI’s $300 million electric mobility initiative in Africa. Management expects to have the LOI finalized by the end of June.
ALYI has an overall $300 million comprehensive electric vehicle strategy in Africa founded on initially launching the commercial production of the company’s own ReVolt Electric Motorcycle. The ReVolt Electric Motorcycle pilot passed initial design requirements and ongoing pilot design refinements are expected to soon deliver a reduced overall weight and improved cruising range. ALYI has partnered with an independent firm founded specifically for launching an initial crypto currency offering (ICO) dedicated to funding ALYI’s overall $300 million electric mobility project in Africa.
ALYI is well on track with its funding partner for the African electric mobility project. A cryptocurrency has already been partitioned on the Ethereum Blockchain. In conjunction with the LOI progress announced today, a pre ICO funding round is underway and ICO details are being finalized.