PREFERRED APPLICANT FOR WAKA KOTAHI FUNDING

Transport and logistics group, MOVE Logistics Group Limited (NZX: MOV), is pleased to have been announced as one of four final preferred applicants for co-investment from Waka Kotahi for its Oceans strategy. Further proposal development work will now be undertaken with Waka Kotahi with a view to then entering a funding agreement.

MOVE’s focus is to transport its customers' cargo in the most efficient way possible, whether that be by road, sea or rail. In addition, the company is committed to reducing the carbon impact of the freight sector in New Zealand.

As previously advised, MOVE has identified an opportunity to increase the use of coastal shipping in New Zealand, by expanding resourcing and shipping capabilities within its own freight network.

Executive Director of MOVE, Chris Dunphy, said: “We are delighted to have been selected as a preferred applicant for Waka Kotahi support as we move forward with our Oceans strategy. The New Zealand freight industry is severely limited by the location of existing coastal services between the two islands and the type of vessels being operated. MOVE’s Oceans strategy will see an alternative solution service being added to New Zealand’s domestic freight services, providing additional resilience for New Zealand’s supply chain.

“This initiative is part of MOVE’s wider decarbonisation strategy, which aligns with the addition to our fleet of some of the first hydrogen-powered trucks to operate on New Zealand roads later this year. Not only will the replacement of truck journeys with shipping voyages reduce carbon emissions, it will also reduce wear and tear on New Zealand’s roads and improve road safety.”

The announcement from the New Zealand Transport Minister can be viewed here https://www.beehive.govt.nz/release/government-investment-boosts-coastal-shipping-aotearoa.

ENDS

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Announcement PDF