Amid the rise in electric vehicle sales, which accounted for over 25% of total vehicle sales in 2025, Revoy offers an alternative approach. Revoy has raised $27 million, betting on the possibility of electrifying freight transport without needing to replace the existing fleet of diesel trucks.
Standard Capital led the round, with participation from XYZ Venture Capital, Doerr Capital, Time Ventures, Y Combinator, Leap Ventures, and Y Combinator co-founder Paul Graham. In total, the San Francisco-based company has now raised $41 million across previous rounds.
The device's concept is mechanically quite simple: it is powered by a motorized trolley installed between the truck cab and its trailer. Instead of completely replacing the engine, it uses electric assistance for the diesel engine. This is achieved with a device that attaches to a standard fifth wheel coupling in just a few minutes, without the need for a new truck or additional wiring.
The Revoy trolley is equipped with its own motor and a 575 kilowatt-hour battery, comparable in size to the battery of a fully electric semi-trailer. The battery powers the truck via its own drive axle. According to the company, when fully charged, the trolley can haul a loaded three-ton train for over 200 miles, reducing diesel consumption by up to 95% and emissions by up to 85%. Furthermore, regenerative braking recovers energy during descent, shortening the braking distance by 30%.
Revoy designed the device so that it requires no modifications to the truck or trailer. The trolley reads data from the driver's accelerator and brake pedal presses, adds torque during acceleration, and switches to charging mode during braking. Notably, all these functions operate automatically, without driver intervention. The device also includes driver assistance systems such as blind spot detection and rollover correction.
Existing battery semi-trailers are expensive, and fleets are replaced slowly, forcing most heavy freight transport to continue operating on diesel fuel. Revoy aims to eliminate the need to purchase such equipment. Since the company owns the trolleys and rents them per mile, the freight carrier only needs to keep its existing diesel tractors and pay only for the miles driven in electric mode.
CEO Peter Reinhardt previously created and then sold the customer data company Segment to Twilio for $3.2 billion. He asserts that this technology allows competition with diesel, and currently, no other electric truck in the US can boast such an advantage. Co-founder and CTO Ian Rust, Revoy's first employee and former engineer at the autonomous driving startup Cruise, described this approach more directly: instead of removing the driver, Revoy uses robotics to replace the fuel source.
Revoy plans to begin commercial operation later this year on a freight route of about 200 miles near Portland, Oregon. Four trolleys, assembled from components sourced from China, will be used for this. While this may seem like a small start, it is intentional. Reinhardt stated that one commercially viable line requires about two dozen trolleys—a production volume the company deems achievable without prior scaling.
Part of the new investment will be directed towards developing a second-generation trolley that will feature a smaller and cheaper battery pack while maintaining a range of over 200 miles.
Financial markets were caught off guard by the Monetary Policy Committee's decision to keep the repo rate at 7%. This move triggered a sell-off in the rand and bonds. Nevertheless, economists note that the central bank continues to focus on achieving its long-term inflation target.
After the announcement, the repo rate remained unchanged, leading to a sharp weakening of the rand against the US dollar and an immediate rise in government bond yields. According to data from Nedbank Group's Economic Division, markets had expected a 25 basis point interest rate hike following the publication of a higher-than-expected June inflation figure and escalating geopolitical tensions in the Middle East.
Nedbank reported that during the previous MPC meeting, SARB made the unexpected decision to maintain rates at 7%. Markets reacted negatively, causing the rand to depreciate by 2.7% against the US dollar and the South African 10-year government bond to rise by 24 basis points, reaching 8.93% immediately after the meeting.
The central bank noted that investor disappointment was driven by several factors: the rise in consumer inflation to 5% in June, more evident signs of indirect inflationary pressure, the increase in global oil prices due to the renewed conflict between the United States and Iran, and expectations that the Reserve Bank would adopt a tougher stance in pursuit of a new inflation target.
Nedbank Group's Economic Division emphasized that market dissatisfaction with SARB's decision was based on four reasons, adding that it is important to review whether the factors underlying the MPC's decision are 'truly as alarming as the market reaction implies.'
South Africa's central bank governor, Lesetja Kganyago, defended the central bank's commitment to the new 3% inflation target despite the sharp market reaction to the sudden decision to leave the repo rate unchanged at 7% last week.
Speaking at the 106th annual general meeting of the South African Reserve Bank in Pretoria, Kganyago stated that the central bank is firmly committed to maintaining price stability, even if rising oil prices temporarily increase inflation. He reminded that the bank's constitutional mandate is to protect the value of the currency in the interest of balanced and sustainable economic growth.
He also noted that South Africa's transition to the official 3% inflation target in 2025 marked an important milestone in monetary policy. Previously, the target was the 3-6% band, and since 2017, the target had clearly been set in the middle of this range—4.5%. In 2025, South Africa officially adopted the 3% plus or minus one percentage point target.
Kganyago added that the revised target brings South Africa closer to many major economies and comparable emerging markets, creating an environment much closer to price stability. Although inflation recently accelerated due to higher global oil prices, the Reserve Bank insists that this pressure is largely temporary, and policy decisions will continue to balance inflation risks against slowing economic growth.
The Monetary Policy Committee warned that economic activity remains under pressure as the weakening of consumer and business confidence negatively affects domestic prospects. Nedbank believes that the market reaction reflects uncertainty about how aggressively the Reserve Bank intends to achieve its inflation target, especially after adopting a lower target. However, Nedbank suggests that a closer look at the MPC statement shows that policymakers are weighing both inflation risks and the fragile growth environment, rather than focusing solely on higher prices. In the coming months, investors will closely monitor inflation data, oil prices, and global geopolitical events, which continue to shape expectations regarding the Reserve Bank's next interest rate decision.
Lesaka Technologies has extended the employment agreement of its Executive Chairman, Ali Mazanderani, until June 2029. Furthermore, he was offered a new employment agreement under South African law, which provides for an expansion of operational responsibilities within the group's business.
Mazanderani's amended and revised employment agreement with Lesaka Technologies extends the term of his current contract from the original term to June 30, 2029. This agreement became effective on February 1, 2024, and follows the employment contract signed in December 2023.
Under the revised terms, Mazanderani will continue to serve as Executive Chairman under conditions that the company described as '50% full-time, at the reasonable discretion of the board.' His annual base salary remains unchanged at US$600,000.
The agreement also stipulates that Mazanderani 'will not be entitled to a short-term cash bonus or any other bonus program implemented by the company during the term of his employment contract.' Additionally, it does not provide for severance pay, but either party must notify the other of termination three months before June 30, 2029, unless there are grounds or a material breach.
In addition, Lesaka SA, a wholly-owned subsidiary of Lesaka, entered into a separate employment agreement with Mazanderani under South African law. It is valid from July 1, 2026, to June 30, 2028, with the possibility of extension by mutual written agreement until June 30, 2029.
Under the South African contract, Mazanderani will take responsibility in the company's divisions: Consumer, Merchant, and Enterprise. He will receive an annual base salary of 5 million Rand, and Lesaka SA will cover travel expenses of up to 4 million Rand per financial year. The company stated that the South African employment contract includes 'other customary terms and provisions for agreements of this nature.'
Similar to his American employment agreement, Mazanderani 'will not be entitled to a short-term cash bonus or any other bonus program implemented by the company during the term of the South African employment contract.' Lesaka operates as a fintech platform in South Africa, providing financial services, software, and payment solutions to underserved consumers and merchants across South Africa. The company is listed on both Nasdaq and JSE.
Representatives from Tehran and Islamabad held a joint meeting to discuss the development of economic cooperation between Iran and Pakistan, strengthening transport infrastructure, border trade, simplifying customs procedures, and increasing joint investments.
The meeting was attended by Imran Ahmed Siddiqui, the Pakistani ambassador to Iran, Mahmoud Najafi Arab, head of the Tehran Chamber of Commerce, as well as representatives of the Tehran Chamber of Commerce, including Hossemeddin Khalaj, Ayman Juwayri, and Peyman Sanandaji.
At the beginning of the session, Imran Ahmed Siddiqui, the Pakistani ambassador to Tehran, noted the potential for cooperation in areas such as the food industry, pharmaceuticals, and agriculture. He stated that some exchanges previously conducted through indirect channels could now occur directly between the two states, which would help reduce costs and promote economic partnership.
The ambassador also emphasized the importance of developing joint investments, holding trade delegations, active participation of Iranian companies in specialized Pakistani exhibitions, and strengthening interaction between the private sectors of both countries. He viewed the chambers of commerce as one of the most important platforms for building economic ties between Iran and Pakistan.
Siddiqui added that the presence of Iranian companies, members of the Tehran Chamber, at Pakistani exhibitions contributes to increasing joint cooperation and building trust. Furthermore, Iranian business figures at these events can expand contacts with their Pakistani counterparts and become familiar with local consumer preferences.
In another part of the meeting, Mahmoud Najafi Arab, head of the Tehran Chamber of Commerce, stated that despite long-standing cultural and trade ties between Iran and Pakistan, the volume of direct trade between them remains insufficient. He specifically highlighted the need to conduct trade directly across the extensive common border instead of using indirect routes, especially given restrictions in the country's southern ports.
The head of the Tehran Chamber also stressed the importance of border trade for the economic development of residents in border areas and called for more effective utilization of this potential. Najafi Arab noted that resolving current issues in border trade and ensuring necessary conditions on both sides of the border would lead to the economic prosperity of cities located near the borders.
He also announced the Tehran Chamber's readiness for continuous interaction with the Chambers of Karachi, Islamabad, and Lahore to improve trade activities and eliminate logistical difficulties. In his opinion, the chambers of commerce can play a more significant role in strengthening mutual trust, providing accurate information to traders, and presenting the economic opportunities of both countries.
Mahmoud Najafi Arab continued the discussion by addressing the topic of free trade and the necessity of promoting dialogue in this area. He stated that any agreement between the two countries on free trade would have a positive impact on the volume of exchanges, reduce trade costs, and promote economic cooperation.
Moreover, Najafi Arab pointed out the importance of providing customs and tariff benefits, as well as resolving banking and transport issues as prerequisites for expanding bilateral trade. He predicts that with the development of currency exchanges, provision of customs and tariff preferences, removal of border bottlenecks, and promotion of the idea of free trade, there will be an increase in imports and exports, which will improve the trade process between the countries.
Peyman Sanandaji, head of the Transport Committee of the Tehran Chamber of Commerce, also spoke at the meeting, raising issues related to the transportation and accumulation of Iranian cargo at the port of Karachi and other Pakistani ports. He reported that due to regional events, a large number of containers were delayed in Pakistani ports, and some of this cargo incurred additional costs.
Sanandaji added that certain obstacles needed to be removed and customs procedures eased to accelerate the land transport of these containers. The Pakistani ambassador also informed about the readiness of his country's embassy to hold regular meetings with the Tehran Chamber, monitor trade issues, and inform business figures about the latest trade rules and requirements.
