Oil Castor ventures into electric vehicle assembly business

A LEADING bio-technology firm, Oil Castor, has diversified its operations into electric vehicle assembling where it has so far invested about US$50 000.

The firm’s primary focus is on increasing the production of castor beans through the provision of engineered castor bean seeds to farmers mainly in southern Africa.

After supplying farmers with engineered castor bean seeds, Oil Castor buys back the harvested crop as feedstock, which it uses to produce hydraulic oil, cosmetic oils and soap, among others.

The company’s co-founder Mr Alvaro Arellano told Business Chronicle that the project, which began recently in Harare has seen 20 electric vehicle units having been assembled so far.

“We’ve assembled 20 units so far. We’re employing eight people in our fabrication shop in Msasa (Harare) and we have invested around US$50 000,” he said.

“Our major customers are miners and farmers in South Africa, Zambia, and Botswana. So far, no sales in Zimbabwe or Mozambique, but we’re talking to a few dealerships.”

Meanwhile, Mr Arellano said they have spent more than US$250 000 buying castor beans from local farmers so far this year and US$280 000 from other producers within the Sadc.

“We’ve gone past US$250 000 buying castor beans locally so far this year and around US$280 000 from other farmers in the Sadc region.

“We are expecting to spend over US$1 million this year,” he said. Oil Castor has partnership operations with farmers in Zimbabwe, Zambia, Botswana and South Africa. — chronicel..zw