Revolta Egypt and EFG Hermes Financial Group signed an agreement to finance electric car charging cards, the two companies revealed in a joint press conference Monday.
Mohamed El Shabrawy, the chief business officer at ValU, EFG-Hermes’s non-bank financing arm, explained that ValU customers will immediately benefit using the company’s online platform.
He pointed out that since its launch in February 2018, ValU provided EGP 300m financing, and the company aims to reach EGP 380m by the end of this year.
Ezz El-Din Ibrahim, board member and chief of business development at Revolta Egypt, said that the company will provide free charging services until the end of this year for the first 100 users of ValU Electric Car Charge Cards. Additionally, Revolta will offer a 10% discount on the prices of home car chargers, which cost EGP 28,000 per charger, as well as all accessories of electric vehicles, Ibrahim explained.
He added that cooperation with ValU would yield successful results. “The company chose ValU given its professionalism and flexibility in dealing with consumers, noting that the cooperation aims to provide recharge cards for electric cards on instalments supported by ValU and extending between three to 36 months with no down payment,” Ibrahim explained.
Revolta company provides three types of charging cards for electric vehicles, the first of which is the Silver Card for EGP 11,000, which is available for hybrid cards “plug-in hybrid” and is used for AC chargers. The second, the Golden Card sold at EGP 28,000 and enables cars to drive for 12,000-15,000 km per year, using regular and fast charging AC devices. The final card is the Platinum Card priced at EGP 57,000. The cards are usable for life.
Ibrahim said that Revolta Egypt currently has 65 charging stations with 130 charging points across eight governorates, and they aim to expand in Upper Egypt governorates in 2020, with EGP 70m investments.
He explained that the company’s expansion does not require huge and complex infrastructure, but rely on simple technology, where it is enough to set up a charging point for electric vehicles anywhere near the source of energy.