Regional private equity group Delta Capital continues to broaden its asset base with interest in Caribbean electric vehicle (EV) company, Flash Motors
With Zachary Harding as executive chairman and Ivan Carter as Group CEO, Delta Capital’s footprint across the Caribbean sees it in financial services, real estate, media & entertainment, e-commerce/fintech, health & wellness.
Delta Capital is positioning to be a major private equity player in the region.
As the Caribbean increasingly looks to alternative energy sources and less reliance on fossil fuels, EVs will increasingly become part of the transportation mix.
Speaking earlier this week at the 2nd Caribbean Oil & Gas Virtual Summit held in Guyana, Armando O. Cavanha, academic adviser to the Pontifical Catholic University of Rio de Janeiro (PUC-Rio), pointed out that today, EV sales account for about 8.6 per cent of the global light-duty vehicle market compared to just 2.5 per cent in 2019 as per a new International Energy Agency (IEA) report.
Jamaica’s Minister of Science , Energy and Technology, Daryl Vaz declared: “ Electric Vehicles are the future and with support of our local and international energy partners, Jamaica will not be left behind. Energy is a great connector and enabler of growth and development.”
Tesla has become a major EV brand and Audi, Ford, Honda, Porsche have made great strides in this segment as we enter yet another revolution in the automobile industry.
Vaz continued: “As far as the Ministry of Science, Energy and Technology is concerned, we are pushing for a significant reduction in the duties on electric vehicles. We have been working assiduously with the Ministry of Finance which deals with the fiscal regime and we want to encourage the use of electric vehicles.”
The main principals of Flash Motors, Xavier Gordon and Carey Escoffery are focused on renewable energy, storage, e-technology and electric transportation.
Wigton Windfarms has taken a 21 per cent ownership stake in Flash Motors, which will be offering EV solutions across the Caribbean.
With an eye to the future, Delta Capital recognizes the transformative impact of EVs.
Delta Capital sees a bright future for Flash Motors and is keen to play an instrumental role in helping the company broaden its presence, as well as offering solutions to people of the region. Flash Motors fits the profile of a young progressive firm, benefitting from the options for alternative financing Delta Capital provides.