Oando Clean Energy Limited announced that it has taken delivery of the electric mass transit buses that will kick off the Proof of Concept phase of Sustainable Transport Initiative. Specifically, on April 28, 2022, OCEL and LAMATA, the Lagos State Government Agency tasked with planning, implementing, regulating and franchising sustainable integrated public transport in Lagos, signed a Memorandum of Understanding (MoU) to enable the successful deployment of an Electric Vehicle (EV) Infrastructure Ecosystem (electric buses, charging stations, and other supporting infrastructure) towards the attainment of a sustainable road transport system in Lagos State. The MoU will also bridge the gap in the current mass transit bus system for the increasing number of Lagos commuters and make up a significant part of the State Government's larger drive to improve mass transit infrastructure.

In line with its culture of excellence, OCEL, partnered with Yutong Bus Co Limited (referred to as "Yutong"), the world's largest electric vehicle manufacturer to produce the electric buses, equipped with air conditioning and Wi-Fi. In addition to the arrival of these electric buses, OCEL has also taken delivery of the charging stations and spare parts necessary to ensure their effective operation. Consequently, and in line with the provisions of the partnership between OCEL and LAMata, the receipt of both the buses and charging stations marks the commencement of Sustainable Transport Initiative, which is one of the Company's pipeline projects to support Nigeria in meeting her goal of net zero by 2060.

The Company's strategic vision is to decarbonize the transport system in Nigeria and in the process, strengthen the socio-economic impact of transportation within the country. Over the next seven years, and through the rollout of over 12,000 buses, this initiative will transition the current combustion mass transit buses to electric, starting in Lagos State and eventually across the country.