- Net Element plans to radically transform its business model following completion of merger with Mullen Technologies, converting into pure-play EV manufacturer
- Electric vehicles are set to account for 3% of global vehicle sales in 2020
- Governments have increasingly pushed for electric vehicle adoption as key pillar underpinning environmental objectives; the UK just announced ban on sale of fossil-fuel powered cars by 2030
- NETE CEO Oleg Firer recently elaborated on challenges of entrepreneurship, role of diplomacy within modern corporate management
Net Element (NASDAQ: NETE) presents its stakeholders with a unique business proposition: Within its role as a global financial technology and value-added solutions group, Net Element provides its customers with electronic payments solutions spanning across point-of-sale, e-commerce and mobile devices, both in the United States and in selected emerging markets. It is under this very model that the company has seen its fortunes rise exponentially, with revenues climbing from $0 in 2013 to $65 million as of 2019.
Under the leadership of CEO Oleg Firer, a veteran entrepreneur and corporate turn-around specialist, Net Element has recently sought to radically transform its business model, with plans to jettison its long-standing payments business in favor of converting into a pure-play electric vehicle (“EV”) manufacturer (https://ibn.fm/kdqCv).
On June 15, 2020, Net Element announced its entry into a binding letter of intent to merge with privately held Mullen Technologies Inc., a Southern California-based electric vehicle company. The transaction, which will be in the form of a stock-for-stock reverse merger where Mullen’s stockholders will receive the majority of the outstanding stock in the post-merger company, will mark Net Element’s entry into one of the fastest-growing sectors within the global economy (https://ibn.fm/dYUea).
According to the International Energy Agency, sales of electric vehicles topped 2.1 million units globally in 2019, boosting the global stock to 7.2 million electric vehicles. The sector has evidenced a precipitous surge in growth, with electric vehicles – which accounted for 2.6% of global car sales and about 1% of the global automotive stock in 2020—registering a 40% year-on-year increase in sales last year; meanwhile, electric vehicles sales are anticipated to continue growing relative to those of their internal combustion engine-powered peers, accounting for approximately 3% of global car sales in 2020.
In addition to their growing popularity among automobile purchasers, electric vehicles have gained in prominence given that they represent a key technology to be used in high-profile global initiatives: the reduction of air pollution in densely populated areas and in the assistance of achieving greenhouse gas emissions reduction objectives. To date, 17 countries have announced 100% zero-emission vehicle targets, with the UK recently announcing a domestic ban on the sale of fossil fuel-powered vehicles by 2030 (https://ibn.fm/Ne5dU).
While Net Element’s segue into the electric vehicles space demonstrates remarkable foresight given the growth prospects attributed to the sector, it does not come without its own inherent challenges – ensuring corporate management ‘buy-in’ may be just as critical as a sector’s long-term potential, according to CEO Oleg Firer.
“Being a chief executive in business is very similar to being a diplomat,” Firer noted. “Managing a business in today’s environment requires constant negotiations at the executive levels and diplomatic approach to mid-management. One of my favorite diplomatic approaches to management is an ability to promote and seed an idea or a solution within, where your colleagues begin to believe in it as much as they begin present and solicit this idea or solutions rest of the group.”
Given Firer’s stellar track-record at the helm of various companies – which has included being awarded Inc Magazine’s prize as the United States’ fastest growing private sector company in 2012, the future looks bright for Net Element as it prepares to take on new challenges amidst the company’s planned foray into the world of electric vehicles.
For more information, visit the company’s website at www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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