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Cleverpod Pre-launch EV
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Pre-seed · Pre-launch · Saudi-anchored EV venture

A Saudi national champion in electric vehicle manufacturing.
One platform. For the road, the coast, and the sky.

Imagine a single Saudi electric vehicle platform under every Vision 2030 mobility need. The same drive, battery, and software carry a delivery three-wheeler through Riyadh, a robotic mini-vehicle spraying a Tabuk farm, a perimeter-patrol unit at a Red Sea Global resort, an emergency-response carrier at Hajj. Beyond the seed plan, the same platform reaches the 2,640 km Saudi shoreline as a coastal vessel and the Saudi sky as a cargo drone.

One Saudi-anchored manufacturer. One modular platform. The first vehicle is ready for the road; the rest of this page is how it scales.

View the 2026 financial model
Cleverpod electric three-wheeler — design render of the first vehicle (illustrative livery)
First vehicle on the road — design render, illustrative livery
Saudi delivery riders
150,000+
Unmanaged motorcycles today
src Ken Research · 2025
KSA private security
USD 1.67 bn
Forecast 2031, ~8% CAGR
src Mordor Intelligence · 2026
KSA emergency medical services
USD 1.5 bn
2024, 5.5% CAGR through 2030
src Ken Research · Grand View
Saudi renewable electricity target
50% by 2030
Net-zero by 2060
src Saudi Green Initiative
What the planned Saudi entity is set to be

One Saudi entity. Two planned revenue lines: vehicles to sell, and vehicles to operate.

PIF is to invest in a Saudi-incorporated electric vehicle company once that entity is incorporated under MISA. The same entity is to own the manufacturing IP and operate a delivery fleet. Both revenue lines run side by side under one roof. Shenzhen R&D and procurement serve the Saudi parent on cost-plus transfer pricing — the same arrangement an automotive OEM has with a contract manufacturer. Headline returns on this page project the fleet line only; the manufacturing line is roadmap upside.

01
Tier 1 — Manufacturing & IP

Vehicles the Saudi entity is to design, certify, and sell.

  • CP02 — production-intent delivery pod, planned for hardware sales to non-Saudi fleets and to Saudi operators that want to own rather than subscribe.
  • CP03 — urban civil three-wheeler for personal purposes, reusing the CP01/CP02 drive, battery, and electronics on a different cabin.
  • CP04 'Robotic Membrane' — modular mini-vehicle with plug-in payloads. Designed-for use cases include crop spraying at a Tabuk farm, perimeter patrol at a Red Sea Global resort, and an SRCA medical pack at Hajj — same chassis, swap-in workloads.
  • Planned IP licensing of the drive, battery management, and software stack to other operators in the GCC.
  • Long-horizon: an electric coastal vessel for the 2,640 km of Saudi shoreline and a modular cargo / sensor drone — same drive, battery, and software stack, different hull or airframe. On the roadmap, out of the seed plan.
02
Tier 2 — Fleet operations

Vehicles the Saudi entity is to keep and run as a subscription service.

  • CP02 delivery pod, planned for monthly-subscription deployment to Riyadh, Jeddah, and Dammam food, grocery, and pharmacy operators.
  • Planned subscription fee is to cover the vehicle, the trained operator, the fleet software, insurance, compliance, and a defined uptime SLA — one number on the customer's invoice.
  • Every IRR, MOIC, NPV, and cap table figure on this page projects this revenue line only. CP02–CP04 hardware sales, IP licensing, and sea / air variants are not in the headline numbers.
  • Stage-gated capital plan: PIF money is to be released against fleet milestones, not calendar dates.
Source Cleverpod Financial Model 2026 — Cap Table and DCF+GGM sheets
Product roadmap

One platform. Many vehicles.

CP01 is the validated prototype — the proof that the engineering works. CP02 is the production-intent vehicle the planned Saudi fleet is to be built from. The roadmap then extends through a personal-use civil variant (CP03) and a modular robotic platform with plug-in payloads (CP04). Maritime and aerial variants share the platform but are not committed in the seed plan.

  1. CP01 2021

    Prototype delivery three-wheeler

    Three-wheel enclosed delivery pod, EU L2e-U class certified, 300+ km range, 450 L modular thermal cargo. Validated prototype hardware that proves the engineering for the production-intent CP02. Not the deployed product.

    Validated prototype
  2. CP02 2026

    Production-intent delivery

    Updated chassis, interior, and steering geometry from the CP01 prototype. The CP02 is the production-intent vehicle the planned Saudi fleet is to be built from at the Startup stage.

    Production-intent
  3. CP03 2027

    Civil three-wheeler

    Personal-use urban three-wheeler reusing the CP01/02 drive, battery, and electronics. Same platform, different cabin and use case.

    Concept
  4. CP04 2028

    Robotic Membrane

    Modular robotic mini-vehicle. Plug-in payload modules cover agriculture, construction, environmental projects, and civil transport. The fullest expression of the platform thesis.

    Concept
  5. CP-S Beyond seed plan

    Sea variant

    Marine extension of the modular platform — coastal patrol, light cargo, port logistics. Not in the seed plan; labeled to make the platform reach legible.

    Platform potential
  6. CP-A Beyond seed plan

    Air variant

    Aerial extension — modular cargo or sensor drone reusing the same drive and software stack. Exploratory; not in the seed plan.

    Platform potential

Note — CP-S and CP-A are aspirational platform extensions, not products under active development. They are shown to make the modular thesis visible and are explicitly out of the seed-stage capital plan.

Modular platform

One chassis. Many cabins. Many payloads.

The platform decomposes into three independent layers. The shared layer is constant across every Cleverpod product. The cabin and payload layers are swapped per use case. This is what makes the multi-product roadmap economically viable on seed-stage capital.

L1

Shared platform

Same on every Cleverpod product.

  • Electric drive unit and motor controller
  • Battery pack with CAN protocol support — swappable, second-life ready
  • CleverPod Bridge centralized computing unit
  • CleverPod Remote Control Hub software stack (admin, tablet, phone surfaces)
  • Telemetry, 360° cameras, GPS, ADAS sensor pack
L2

Swappable cabin

Different per variant, same mounting and control bus.

  • Delivery cabin with thermal cargo (CP01, CP02)
  • Civil cabin with passenger seating (CP03)
  • Robotic Membrane chassis (CP04) — no human cabin
  • Patrol cabin with operator station and 360° optics
  • EMS cabin with medical cargo and rapid-response form factor
  • Maritime hull or aerial frame (long-horizon, not in seed plan)
L3

Plug-in payload

Customer-configurable; software-recognised at boot.

  • Cargo modules: fridge, heater, insulated, fresh — combined to fit the route
  • Sensor packs: thermal, lidar, environmental monitoring
  • Comms packs: 5G mesh, public-address, drone tether
  • Medical pack: AED, oxygen, trauma kit (EMS variant)
  • Agricultural pack: spraying, soil sensors (CP04)
  • Construction pack: tool transport, sensor monitoring (CP04)
Bottom line

Most of the engineering, certification, and supplier work happens once at the shared layer. New variants reuse it. This is the economic basis for shipping a multi-product roadmap from a seed-stage manufacturer.

Energy modularity

Every energy source is a way to charge the battery.

The platform's input is electricity. How that electricity is generated is a procurement decision, not an engineering one. Solar, hydrogen fuel cell, grid, and any future nuclear-derived source all reduce to one interface — the battery. The vehicle does not change as the energy mix changes; it only gets cheaper to run.

01

Battery is the only power interface

CleverPod batteries are CAN-bus addressable, swappable, and source-agnostic. A grid-charged pack and a solar-charged pack are interchangeable. A future hydrogen-fuel-cell range extender feeds the same battery — the drive train is unaware of the source.

04

Global EV CAGR adds compounding tailwind

Global electric vehicle sales are projected to grow at ~21% CAGR through 2030 according to the IEA — every year of that growth lowers battery cost (Wright's Law) and the same Cleverpod platform benefits, again with no design change.

Source IEA — Global EV Outlook 2024
Lifecycle and parts reuse

Modular hardware never has a single scrap event.

The economic case for modularity does not stop at variant-count. It also reshapes what end-of-life means for one pod. A worn-out part is replaced; the pod stays in service. A pod that is finally retired — or simply abandoned — is not a write-off, because the battery, drive, electronics, and cabin are independently recoverable assets.

  1. 01

    No single scrap event

    Conventional vehicles depreciate to scrap as one unit. The CleverPod platform is broken down into modules with independent service lives — battery, drive, controller, cabin, sensors. Each is replaced on its own schedule. The chassis stays in field service across multiple module generations.

  2. 02

    Battery second-life retains 60-80% capacity

    An EV battery typically still holds 60-80% of its original capacity when retired from automotive duty. That capacity is directly addressable for stationary storage at depots — the same module is repurposed, not discarded.

    Source BloombergNEF — Battery Second-Life: From Cars to Grid (2024)
  3. 03

    EU directive sets 95% recovery as the benchmark

    The EU End-of-Life Vehicles Directive requires 95% recovery (85% reuse and recycling, 10% energy recovery) for any vehicle sold in Europe. A modular vehicle hits that benchmark by construction, not by special-case dismantling.

    Source European Commission — Directive 2000/53/EC on end-of-life vehicles
  4. 04

    Abandoned units are recoverable, not lost

    Shared-mobility fleets globally lose units to abandonment, theft, and damage. With a modular platform, an abandoned pod still has separable battery, drive, and electronics value — the recovery operation pays for itself, which is not the case for an integrated motorcycle or scooter.

Land variant 1 — Delivery

Saudi last-mile is the largest single demand pool — and the lead product is built for it.

Saudi Arabia is the GCC's largest e-commerce market, served today by imported motorcycles bought outright by small operators — no fleet management, no SLA, no compliance wrapper.

The plan addresses that gap: a planned Saudi-incorporated subscription fleet operator, vehicles designed for Saudi summers and worker welfare, aligned to Vision 2030's logistics agenda.

Saudi last-mile fleet share — modeled progression
10% planned fleet share by 2029
25% long-term target
Cleverpod share of Saudi last-mile fleet Post-model steady-state target
Market anchor

Saudi e-commerce sales have grown roughly 20% year-on-year since 2020 per GASTAT and public PIF commentary, with food delivery and pharmacy the fastest vertical segments.

Fleet gap

The working population of Saudi last-mile delivery riders is north of 150,000 by industry estimate; virtually none are on structured leases with service, telemetry, and compliance bundled in.

Local manufacture

Vision 2030 explicitly targets localized mobility tech. A fleet operator running Saudi-registered vehicles with locally-trained operators captures that tailwind rather than fighting it.

Sources
Why the delivery pod wins

Motorcycles: the path to disruption

Riyadh's summer regularly exceeds 45°C: a motorcycle rider is working in extreme heat for an eight-hour shift, unprotected from traffic, breathing fumes, carrying food and pharmaceuticals in a backpack with no reliable means to maintain their temperature. The fleet is unmanaged and largely unmonitored, encouraging aggressive driving to maximize income.

There is a solution: its name is Cleverpod.

Click any advantage to compare the status quo against the pod.
01 Operator welfare
Motorcycle (status quo)

Exposed rider, no climate control. In Riyadh's 45-50°C summers, sustained outdoor work in full protective gear is a welfare and productivity liability.

Cleverpod

Enclosed cabin with A/C, heating, and lumbar-support seating. The operator works a full shift in comfort at any temperature — same vehicle from December cold to August heat.

02 Operator safety
Motorcycle (status quo)

Exposed two-wheeler in mixed urban traffic. Rider injury risk is high; insurance and liability sit with the operator.

Cleverpod

Enclosed three-wheel platform — a middle ground between a car's crash protection and a bike's urban mobility. Insurance, licensing, and compliance are bundled into the Cleverpod subscription.

03 Emissions
Motorcycle (status quo)

Petrol drivetrain with no emissions management. A full working shift generates CO₂ and urban particulates. No mechanism reduces output as a fleet scales — the environmental cost scales directly with volume.

Cleverpod

Zero tailpipe emissions at the point of use. The same vehicle gets materially cleaner over time as Saudi's grid mix shifts toward its 50% renewables target under Vision 2030 — no hardware change required.

04 Cargo integrity
Motorcycle (status quo)

Insulated backpack at best. Temperature-sensitive cargo — food, pharma, cold-chain grocery — degrades in transit. No temperature record, no accountability.

Cleverpod

Modular thermal cargo system from -20°C to +65°C. 400 L enclosed space with configurable fridge, heater, insulated, and fresh compartments. Temperature-controlled from door to door.

05 Cargo security
Motorcycle (status quo)

An unlocked box or an unattended backpack. No alarm, no record of tamper, no remote visibility.

Cleverpod

Fingerprint lock, shock and tamper sensors wired to the alarm, remote video connection, breathalyzer ignition interlock. Cargo integrity is maintained even when the operator leaves the vehicle.

06 Monitoring
Motorcycle (status quo)

An individually-owned motorcycle has no telemetry, no GPS reporting, no remote access. The operator is invisible to the dispatcher between check-ins.

Cleverpod

360° cameras, GPS, CAN bus telemetry, and remote access as standard. Dispatcher sees every vehicle in real time. Video communication between operator and control room is built in.

07 Branding
Motorcycle (status quo)

A rider's backpack. No brand surface, no consistent customer-facing appearance across a fleet.

Cleverpod

Fully wrapped exterior — custom colors, car-wrap branding, panel design. Every pod on the road is a moving brand asset for the subscriber.

08 Running cost
Motorcycle (status quo)

Petrol-powered: fuel, oil changes, filter replacements, higher consumables count. Maintenance sits with the operator and is unmanaged.

Cleverpod

Electric drivetrain with battery-swappable design eliminates oil and filter costs; total consumables are significantly lower than ICE. Centralized scheduled maintenance bundled in the subscription.

01
Freshness guaranteed

The case is strongest in food and pharmacy delivery — the two fastest-growing Saudi verticals. Both are temperature-sensitive, both are brand-visible, and both carry downstream liability if cargo integrity fails. A motorcycle backpack is not a food-safety or cold-chain solution.

02
Saudi Arabia cares about its workers

Air-conditioned cabin. Proper seat. Full safety envelope. Formal employment under a structured Saudi operator. The pod puts the delivery worker indoors, in dignity — not on an exposed motorcycle in 45°C heat. That is worker welfare built into the hardware itself, not promised in a press release. Every pod on the road becomes photographable proof that Saudi modernization reaches all the way to the delivery worker — a tangible expression of Vision 2030's human-capital pillars and one of the most visible forms of soft power the Kingdom can deploy.

03
Zero emissions

Every pod is already zero-emission at the point of use from day one. The compound effect is meaningful: as Saudi's grid mix shifts toward its 50% renewables target, the same hardware gets materially cleaner without any vehicle change. A fleet of electric pods is a green infrastructure investment that depreciates in carbon intensity — not in environmental relevance.

Land variant 1 — first deployed product

CP02: the production-intent delivery pod, deployed as a subscription.

The CP02 is the Cleverpod platform's first deployed body — the production-intent design proven out by the CP01 prototype. The target customer is a restaurant chain, grocer, pharmacy, or fulfillment operator. The proposition: a monthly per-pod subscription covering vehicle, trained operator, fleet software, and uptime SLA. Capex, service, and compliance stay with Cleverpod.

Cleverpod CP 0101 electric delivery pod — front 3/4 view
CP 0101 · Cleverpod delivery pod · prototype render
The pod

Enclosed electric delivery platform, engineered for Saudi.

Three-wheel electric delivery vehicle, built for Saudi heat and urban duty cycles. Modular thermal cargo (fridge, heater, insulated), telemetry, 360° cameras, remote access. Battery range covers a full operator shift in Riyadh or Jeddah. Hardware platform from prior Shenzhen engineering work; production-intent units commission against the Seed-stage capital plan.

CP 0101 side view
  • Form factorThree-wheel enclosed pod
  • DrivetrainElectric, battery-swappable design
  • CargoModular thermal (fridge / heater / insulated)
  • Telemetry360° cams, GPS, CAN, remote access
  • Duty cycleFull Saudi urban shift on sized pack
The software

Fleet operations stack, prototyped.

CleverPod Remote Control Hub (admin, tablet, phone), CleverPod Bridge hardware controller, ADANEC operator training and scoring. All three surfaces designed and prototyped — screenshots in this section are from those prototypes, not from a live deployment.

Cleverpod Remote Control Hub admin panel — vehicle stats view
Cleverpod tablet dashboard for operators
Cleverpod rider phone dashboard
  • CP Remote Control Hub
  • CP Bridge
  • ADANEC / ELVIN training
The service wrapper

One subscription, designed for predictable TCO.

The subscription price covers preventative maintenance, scheduled battery replacement, insurance pass-through, Saudi compliance and driver licensing, and a defined uptime SLA. The subscriber pays one monthly number; Cleverpod retains the capex and compliance burden.

  • Maintenance
    Scheduled service, centralized parts, sub-48h SLA on breakdown.
  • Battery
    Replacement on kWh throughput schedule; no subscriber exposure to pack degradation.
  • Insurance
    Pass-through fleet policy; Saudi-compliant coverage bundled.
  • Compliance
    TGA, ZATCA, licensing and driver-training support end-to-end.
  • Uptime SLA
    Defined target (see data room); sub-target triggers fee relief.
  • Ownership
    Cleverpod owns the asset; subscriber never carries resale risk.
Adjacent market 1 — Patrol

Saudi mobile patrol is scaling, and the same platform fits — different cabin, same drive and software.

Saudi Arabia's physical security market is being reshaped by Vision 2030 megaprojects (NEOM, Red Sea, Qiddiya, Diriyah), mandatory Saudization of guarding roles from February 2025, and a shift from static guard posts to mobile-patrol services. The patrol variant is the same Cleverpod platform with a different cabin: telemetry, 360° cameras, two-way audio, trained Saudi operator.

KSA Manned Security Market
USD 1.06 bn
2025
USD 1.67 bn
2031
~8% CAGR
01
Wider private security

Saudi private security services sit at USD 3.4 bn in 2024 and are forecast to reach USD 5.1 bn by 2031 at a 6.2% CAGR — a deeper addressable pool when including CIT, event, residential, and industrial coverage.

02
Mobile patrol is the growth segment

Static guard posts made up ~51% of 2025 manned-security billings; mobile patrol and cash-in-transit are explicitly flagged as the diversification segments where operators are investing. A pod platform is the natural hardware for that shift.

03
Saudization tailwind

From February 2025, private security roles are reserved 75-87% for Saudi nationals. Wage floors (SAR 2,383-5,394/month) are pushing operators toward capital-for-labour substitution — one trained operator in a pod covers a route that previously took several walking guards.

04
Megaproject demand

NEOM, Red Sea Global, Diriyah, Qiddiya, AWS's Saudi cloud region, and stadium upgrades are commissioning perimeters that must be patrolled at fleet scale. The market research explicitly cites these as the 2026-2031 demand drivers.

Sources

Third-party market research and public disclosures. Figures shown are published by the cited research houses; Cleverpod has not independently re-verified the underlying survey methodologies. The 2026 financial model does NOT assume revenue from this market — it is pure upside to the Seed → Expansion plan.

Adjacent market 2 — First aid & EMS

Saudi EMS is a USD 1.5 bn market, already buying small electric vehicles — same platform, EMS cabin.

The Saudi Red Crescent Authority runs the Kingdom's largest emergency medical response operation. It already uses small-format electric vehicles — golf carts, e-scooters, e-bicycles — where full-size ambulances cannot reach: Hajj and Umrah, stadiums, airports, malls, megaproject construction sites. The first-aid variant is the same Cleverpod platform with an EMS cabin: climate-controlled medical cargo, telemetry, two-way audio, trained operator, defined uptime SLA.

Saudi Emergency Medical Services Market
Ground ambulance services USD 383 M (2023) → USD 559 M (2030), 5.5% CAGR
01
The anchor customer exists

Saudi Red Crescent Authority (SRCA) operates 505+ ambulance centers and 1,400+ ambulances nationwide. It is a single, large, government-anchored buyer with a 90-year institutional history — a clean procurement path once the pod meets its certification requirements.

02
Already buying the form factor

Hajj 2024: SRCA deployed 320 ambulances, 150 golf carts, 150 electric scooters, 27 electric bicycles, and 10 ambulance buses. Small electric vehicles are not a speculative use case — they are how SRCA already handles crowd-dense rapid response.

03
Emergency volume is real

SRCA handled 345,000 emergency cases in the Makkah region alone in 2024 and fields an average of 1.6 million emergency calls annually across the Kingdom. Crowded-venue rapid response is a steady, recurring demand — not event-dependent.

04
Vision 2030 healthcare spend

The Saudi government allocated SAR 250 bn (~USD 66 bn) to healthcare in its most recent budget cycle, with emergency medical services explicitly prioritized. Capex for new pre-hospital vehicles is a named line item within that envelope.

Sources

Figures are from third-party healthcare market research and publicly reported SRCA operational disclosures. As with the patrol market, the 2026 financial model does NOT assume first-aid revenue — it is an adjacent Saudi opportunity addressable by a purpose-built variant of the same pod platform.

Concept · platform potential, not in seed plan

Sea: the same platform, on water.

The shared layer of the Cleverpod platform — battery, drive controller, software stack, sensor pack — does not change when the cabin is replaced by a hull. A coastal patrol, light cargo, or port-logistics vessel built on the CP04 Robotic Membrane is a credible long-horizon extension. It is shown here to make the platform's reach legible.

  • What stays the same

    The drive controller, the battery management, the telemetry, the operator software. Maritime variants reuse the same CleverPod Bridge unit and Remote Control Hub stack.

  • What changes

    Hull form, propulsion (marine drive), and corrosion-resistance treatment. These are well-understood maritime engineering scopes — not new platform invention.

  • Why it matters for Saudi

    Saudi's coastline runs over 2,640 km across the Red Sea and Persian Gulf. NEOM, Red Sea, and AMAALA megaprojects all involve maritime perimeter operations. The platform extends naturally into that demand without re-engineering the core.

CONCEPT Cleverpod sea variant — exploratory concept render
Concept rendering — illustrative only. No marine prototype is funded under the seed-stage capital plan.

Note Sea variant is exploratory and not in the seed-stage capital plan. No marine prototype is funded under the current ask.

Concept · platform potential, not in seed plan

Air: the same platform, in flight.

CONCEPT Cleverpod air variant — exploratory concept render
Concept rendering — illustrative only. No airframe prototype is funded under the seed-stage capital plan.

An aerial variant of the CP04 Robotic Membrane reuses the platform's most expensive engineering — the battery, the controller, the software stack — and replaces the chassis with an airframe. Cargo drone, sensor drone, or coastal-overwatch frame are all credible roles. Like the sea variant, this is shown to make the platform's long-horizon reach visible, not to claim a near-term product.

  • What stays the same

    The battery management, the centralized controller, the telemetry stack, the remote-pilot interface. The same Saudi operations centre flying a delivery sortie can fly a sensor sortie.

  • What changes

    Airframe and rotor system, regulatory certification (GACA in Saudi). New scope, but adjacent to engineering already in the platform.

  • Why it matters for Saudi

    Saudi's GACA released a national drone strategy in 2024 explicitly targeting last-mile, agriculture, security, and emergency response. The platform fits each of those use cases without bespoke airframe development beyond the rotor system.

Note Air variant is exploratory and not in the seed-stage capital plan. No airframe prototype is funded under the current ask.

Saudi fit

A Vision 2030 investment, not just a Vision 2030 narrative.

Sovereign capital screens investments on national-strategic contribution as well as returns. The Cleverpod structure is designed to produce measurable contributions on five Vision 2030 axes that PIF and its subsidiaries actively score.

Projected non-oil service revenue · by 2029
SAR 834.7M
Modelled to be booked in the planned Saudi operating company.
Planned sovereign + partner capital
SAR 770M
Cumulative capital to be deployed into the Saudi entity by 2029.
Projected gross profit retained
SAR 714.7M
Modelled consolidated gross profit by 2029.
01

Non-oil economy

Revenue is booked in the Saudi operating company. Every subscription SAR is a non-oil services SAR. The 2026 model ties this figure to the Saudi entity's projected income statement so contribution is visible stage by stage.

Projected Saudi-entity revenue by 2029
SAR 834.7M
src CG_Revenue · Consolidated IS · Finance docs/Cleverpod Financial Model 2026.xlsx
Vision 2030 · non-oil GDP contribution
02

Jobs and Saudization

Operations are Saudi-resident. The model's headcount build-up distinguishes Saudi from Shenzhen entities. A Nitaqat classification layer on the Saudi Labour sheet is a Phase-2 model task and is honestly flagged as such in the SWF readiness document.

Vision 2030 · Saudization (Nitaqat) · human capital development
03

Technology localization

IP, trademarks, and operator training programs are designed to be capitalized on the Saudi entity. Shenzhen R&D and procurement serve the Saudi entity on a cost-plus transfer-pricing basis — the Kingdom retains the brand and the customer relationship.

ESOP reserve (Kingdom-resident team headroom)
10%
src CT_ESOP_Pool_Pct · Funding & Macro Inputs · Finance docs/Cleverpod Financial Model 2026.xlsx
Vision 2030 · localisation of technology & IP
04

Logistics infrastructure

Each deployed pod is a unit of Saudi logistics capacity. The fleet build-up in the model is the quantitative answer to 'what does this investment physically produce?'

Planned capital deployed into Saudi fleet by 2029
SAR 770M
src CT_Capital_Raised_Expansion · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx
Vision 2030 · logistics & infrastructure
05

Regulatory pathway

MISA foreign-investment licensing (with SAR 500k statutory capital modeled), TGA roadworthiness approval, and ZATCA tax architecture with HNTE incentives — all mapped onto the stage timeline. The regulator is a gate to cross, not a post-hoc surprise.

Planned sovereign ownership by 2029
84.9%
src CT_Saudi_Ownership_Expansion · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx
Vision 2030 · streamlined foreign investment

Model-backed, not just narrative — planned Saudi contribution is visible as line items in the 2026 model: projected national-revenue via CG_Revenue, planned sovereign ownership via CT_Saudi_Ownership_*, operator-level Saudization (Phase-2 line item on the Saudi Labour sheet — acknowledged gap; to be added to the model).

Environmental case

Electric by design. Greener as the grid greens.

Saudi Arabia has made legally-binding climate commitments that are reshaping capital allocation across every infrastructure vertical. Cleverpod is electric from day one. The environmental case compounds: the vehicle improves passively as the grid mix shifts, with no hardware change.

01
Saudi Green Initiative alignment

Saudi Arabia pledged net-zero by 2060 and 50% renewable electricity by 2030 at the Saudi Green Initiative and COP28. PIF's investment framework now explicitly screens for climate contribution. A fleet of zero-tailpipe vehicles in the Kingdom's most congested urban corridors is a direct contribution to both targets.

Saudi Green Initiative / MISA Green Investment Guide 2024 ↗
02
Fleet-scale emission reduction

A standard 125cc delivery motorcycle running a 10-hour urban shift produces roughly 3–5 kg of CO₂ per day in direct fuel burn. At 1,000 pods — a mid-Growth-stage fleet size in the 2026 model — replacing equivalent ICE motorcycles eliminates an estimated 1,000–1,800 tonnes of CO₂ per year from Riyadh's roads, before accounting for upstream grid decarbonization.

IPCC transport emission factors / UK DfT cycle-life analysis ↗
03
The compound grid effect

An ICE motorcycle emits roughly the same CO₂ per kilometer in 2025 as it will in 2035. An electric pod running on Saudi grid power emits proportionally less with every percentage-point increase in renewables capacity — and Saudi is adding renewables at the fastest rate in the GCC. The fleet decarbonizes passively, with no vehicle change, no subscription price change, and no operator action required.

IEA — Electricity Grids and Secure Energy Transitions 2023 ↗
04
Visible, photographable clean mobility

A delivery motorcycle is invisible as an environmental signal. A wrapped electric pod with Cleverpod's or the subscriber's livery, operating on Riyadh's streets, is not. At fleet scale, pods become visible evidence that Saudi last-mile logistics has decarbonized — the kind of on-street proof that sovereign communications teams and ESG-reporting businesses can point to directly.

Saudi Vision 2030 — Sustainable Transport chapter ↗
Saudi Vision 2030 target 50% renewables by 2030 Every percentage-point increase in Saudi grid renewables reduces the operating carbon footprint of the Cleverpod fleet — automatically, with no operator action and no vehicle change.
Unit economics

Pod-level economics designed to compound as the fleet scales.

Subscription pricing gives the revenue line predictability. Centralized maintenance and procurement give the cost line a favorable gradient: the hundredth pod is projected to be measurably cheaper to operate than the tenth. Figures below are projections drawn directly from the 2026 model's Unit Economics and Revenue sheets, not from live operating data.

Projected per-pod economics · mature unit (2029)

Revenue per pod is designed to be priced as a monthly subscription. Modelled COGS covers maintenance, energy, and allocated operator training. The 2026 model's per-pod figures are held constant across stages — scale is modeled to lift count, not price. Source: Unit Economics sheet (projection, not operating data).

Monthly revenue per pod
SAR 1,500
src UE_Revenue_Per_Vehicle · Unit Economics · Finance docs/Cleverpod Financial Model 2026.xlsx
Monthly COGS per pod
SAR -882
src UE_COGS_Per_Vehicle · Unit Economics · Finance docs/Cleverpod Financial Model 2026.xlsx
Monthly gross margin per pod
SAR 618
src UE_Margin_Per_Vehicle · Unit Economics · Finance docs/Cleverpod Financial Model 2026.xlsx
Gross margin %
41.2%
Derived: UE_Margin / UE_Revenue
Consolidated revenue and gross margin by stage
Consolidated revenue (stage total) Gross margin %
Sources: CG_Revenue · CG_Gross_Profit / CG_Revenue · Consolidated IS.
Stage Consolidated revenue Gross profit Gross margin Operating profit Net profit
Seed 1,617,085 709,923 43.9% -3,835,703 -3,854,855
Startup 30,974,503 23,864,780 77% -2,663,353 -3,407,124
Growth 212,510,503 179,183,938 84.3% 82,310,752 72,894,634
Expansion 834,735,574 714,736,670 85.6% 508,079,719 470,166,649
All amounts in SAR. Stage totals sum the monthly values inside each stage on Consolidated IS.
Capital plan

Four stages, auditable cash bridge at each gate.

The model projects the business forward monthly through 2029 across four stages. Each stage has a defined capital injection, a defined milestone, and a projected cash bridge that balances to the consolidated cash flow statement. This is the same bridge the Executive Summary dashboard prints — no second set of numbers.

Stage cash bridge — consolidated CF components, stage totals
Bars aggregate the consolidated cash flow statement over each stage's months. Opening and closing cash balances appear below as tiles. No numbers are derived on this page — everything is read from the stage summary columns on Consolidated CF.
Operating cash flow Investing cash flow Share issuance Dividends paid Net change in cash
01
Seed

Saudi entity incorporated, MISA licensing secured, first fleet prototype deployed, pilot subscriptions targeted.

Capital raised (this stage)
SAR 20M
Revenue at stage end (monthly)
SAR 411.9K
Annual run-rate
SAR 0
Net cash change (stage)
SAR 6.1M
Opening cash
SAR 0
Closing cash
SAR 11.5M
src CT_Capital_Raised_Seed · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx src CG_CF_Net_Cash_Change · Consolidated CF · Finance docs/Cleverpod Financial Model 2026.xlsx
02
Startup

First commercial fleet (three-digit pod count), fleet service infrastructure stood up, second Saudi city entered.

Capital raised (this stage)
SAR 98M
Revenue at stage end (monthly)
SAR 4.5M
Annual run-rate
SAR 4.9M
Net cash change (stage)
SAR 17.3M
Opening cash
SAR 11.5M
Closing cash
SAR 56.1M
src CT_Capital_Raised_Startup · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx src CG_CF_Net_Cash_Change · Consolidated CF · Finance docs/Cleverpod Financial Model 2026.xlsx
03
Growth

Fleet scaling across Riyadh, Jeddah, Dammam; software productized; transfer pricing and HNTE fully in place.

Capital raised (this stage)
SAR 420M
Revenue at stage end (monthly)
SAR 29.4M
Annual run-rate
SAR 54.4M
Net cash change (stage)
SAR 71.5M
Opening cash
SAR 56.1M
Closing cash
SAR 231.8M
src CT_Capital_Raised_Growth · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx src CG_CF_Net_Cash_Change · Consolidated CF · Finance docs/Cleverpod Financial Model 2026.xlsx
04
Expansion

GCC pilot (bonus, not thesis), operator marketplace, investor exit window opens.

Capital raised (this stage)
SAR 770M
Revenue at stage end (monthly)
SAR 105M
Annual run-rate
SAR 353.2M
Net cash change (stage)
SAR 107.3M
Opening cash
SAR 231.8M
Closing cash
SAR 452.9M
src CT_Capital_Raised_Expansion · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx src CG_CF_Net_Cash_Change · Consolidated CF · Finance docs/Cleverpod Financial Model 2026.xlsx
Returns

Returns that defend themselves — against comps, against the DCF.

The PIF cash flow schedule, IRR, MOIC, and NPV all live on the Cap Table sheet of the 2026 model. The DCF and GGM terminal live on DCF+GGM. We publish both, and a small corroborating comps table. Every figure has a source pill showing its named range.

PIF IRR
246.2%
XIRR over sovereign cash flow schedule
src CT_Saudi_IRR · DCF+GGM · Finance docs/Cleverpod Financial Model 2026.xlsx
PIF MOIC
9.4×
Multiple on invested capital
src CT_Saudi_MOIC · DCF+GGM · Finance docs/Cleverpod Financial Model 2026.xlsx
PIF NPV
SAR 5.5B
Discounted at model WACC
src CT_Saudi_NPV · DCF+GGM · Finance docs/Cleverpod Financial Model 2026.xlsx
Exit value (DCF)
SAR 14.4B
Terminal valuation at exit
src VAL_Exit_Value_DCF · DCF+GGM · Finance docs/Cleverpod Financial Model 2026.xlsx
Sovereign cash flow schedule (monthly)
Capital calls in red, distributions and terminal exit in green, running cumulative position overlay in gold. Source: CT_Saudi_CashFlows on DCF+GGM.
PIF capital calls PIF distributions / exit Cumulative PIF position
Indicative comparables

Three to five public or well-disclosed comparable transactions. Intentionally short — a long comps list is a sign of a weak argument.

Company Category Geography Valuation marker Source
Gogoro Inc. Battery-swap subscription fleet, electric 2-wheeler Taiwan / APAC 0.8×–1.6× EV/Rev (listed, 2024) NASDAQ: GGR public filings
Swvl Subscription B2B mobility (shuttle) GCC / MENA 0.6×–1.2× EV/Rev (disclosed private rounds) Reuters · company disclosures
Nuro Autonomous last-mile delivery USA Private; last raise USD 8.6B valuation (2021) pre-revenue The Information · TechCrunch
Kavak Subscription vehicle access (private-market) LatAm / MENA Private; USD 8.7B valuation (2021) Reuters

Comparables are for orientation only. They are not claims of equivalence: Cleverpod is earlier-stage and geographically focused; a single-country MaaS fleet operator at subscription scale is genuinely rare. Multiples shown are last-disclosed EV/Revenue ranges, sourced as noted.

Objections handled

The hard questions, in the order investors actually ask them.

Every objection here has come up in live conversations. Each gets a direct response, and points to the modeled evidence where it exists.

Q01 Why does the cap table price only one product if the venture is a manufacturer?

Discipline. The planned Saudi entity has two revenue lines — Tier 1 (CP02–CP04 hardware sales, IP licensing, sea / air variants) and Tier 2 (the CP02 delivery-pod subscription fleet). The 2026 financial model projects Tier 2 only because that is the line with production-intent hardware (CP02, validated forward from the CP01 prototype), validated unit economics, and month-by-month projections through Expansion. Tier 1 is real engineering — Bills of Materials, controller schematics, and CleverPod Bridge architecture in the data room — but it is not assumed in the headline IRR or MOIC. PIF gets the underwritten number on the cover page; the upside is roadmap, not promise.

Q02 How much of the platform thesis is real, versus marketing?

The CP01 hardware is validated prototype, EU L2e-U class certified, with engineering documentation and a Bill of Materials in the data room. The CP02 takes that engineering forward to production-intent design and is the model the planned Saudi fleet is to be built from. CP02–CP04 share the same drive, battery, and CleverPod Bridge controller — that is what makes the platform claim structural rather than rhetorical.

Q03 Sea and air variants — are you planning to build those with seed money?

No. The sea and air slides carry a 'platform potential, not in seed plan' label and the seed-stage capital plan does not allocate against either. They are shown to make the platform's reach legible, because the same drive, battery, and software stack does extend that far in principle. Building either one becomes a separate funding decision after Tier 2 is paying its own way.

Q04 Why Saudi first — isn't UAE the obvious regional launchpad?

UAE is a crowded fleet market with little room for a subscription entrant at early-stage scale. Saudi has larger delivery volumes, explicit sovereign-capital appetite for Vision 2030 investments, and a regulatory posture that rewards Saudi-resident operators. Subscription is unusual for both markets; the Kingdom is where the policy tailwind is actually paid in SAR.

Q05 Why would a subscriber pick you over just buying a Chinese EV cheaply?

The subscriber is comparing a predictable monthly service fee to a lumpy total cost of ownership: vehicle, battery, maintenance, insurance, compliance, downtime, training, resale risk. Our number is higher on the sticker; the TCO is lower for any operator that values uptime and compliance. We are not competing with the sticker price — we are competing with the real cost of running a small fleet without infrastructure.

Q06 Autonomous delivery is still years away — what is the thesis today?

Cleverpod is not leading with autonomy. The thesis is a modular electric platform with a software ecosystem, deployed first as a subscription delivery fleet from a Saudi entity. Autonomy features (operator-assist, remote-monitoring, eventual limited-domain automation) are upside that can be added without changing the business model. The thesis does not depend on autonomy.

Q07 Execution risk — this team has pivoted before.

Fair and acknowledged. The company's earlier iterations covered multiple geographies and product lines, and never reached operating scale. What is different now: one geography, one launch product, a Saudi-resident operating plan, and a model designed to pay its own way by the Startup stage. The 2026 financial model and the cap table are stage-gated — PIF capital arrives only when the prior milestone is hit. The governance is designed to enforce focus.

Q08 FX and China exposure.

Revenue is in SAR. Major costs with CNY exposure sit inside the Shenzhen procurement entity, matched by CNY cost-plus revenue from the Saudi entity — a natural hedge at the consolidated level. The model carries the SAR/CNY cross explicitly with a single FX sensitivity ready to toggle. Tail-risk from broader China supply disruption is real; mitigation is inventory policy at Shenzhen Procurement and optional second-source qualification in Phase 3.

Q09 What kills it?

A subscription-hostile regulatory surprise in KSA (unlikely given current policy direction), a cost-of-capital shock that re-prices the DCF terminal (the model shows sensitivity), or operational under-delivery on the uptime SLA in the first 100 pods (the service wrapper has to work before stage 2 capital is released). Each has a named-range line you can stress-test.

Team and governance

Lean Saudi-resident operating team — experienced engineering from Shenzhen.

Cleverpod is a lean founding team: the Saudi entity, once incorporated, runs operations, commercial, and finance; Shenzhen R&D and Procurement run engineering and supply under transfer pricing. The cap table is stage-gated — PIF ownership grows each stage against defined milestones, not calendar dates.

Saudi operating team (Riyadh)

Commercial, operations, finance, compliance
  • Chief Executive Officer · Saudi-resident
  • Chief Operating Officer · fleet operations
  • Chief Financial Officer · Saudi entity
  • Head of Commercial · fleet subscriptions
  • Head of Compliance · MISA · TGA · ZATCA

Shenzhen engineering & procurement

R&D, supply chain, cost-plus service to Saudi entity
  • Chief Technology Officer
  • Head of Hardware Engineering
  • Head of Software · CP Remote Control Hub
  • Head of Procurement & Supply Chain
  • QA & Manufacturing Partner Management

Note — the role slots above describe the Saudi and Shenzhen teams Cleverpod is being built around. The current founder roster, and which slots have been filled pre-launch, are confirmed with the company under NDA as part of the data-room package.

G01

Stage-gated capital

PIF tranches arrive only when the prior stage's operational milestones are hit. The 2026 model's cap table is designed to release each injection against a defined trigger, not a calendar date.

G02

Separate entities, one consolidated model

The Saudi entity owns the brand, the subscriber contracts, the fleet, and the revenue. Shenzhen provides cost-plus R&D and procurement. Transfer pricing is explicit — HNTE-qualified where applicable — and the model reports both consolidated and per-entity P&L.

G03

Board construction

At priced round, board seats proportional to ownership, with an independent Saudi-resident director seat reserved from 2027 onward. Reserved matters (budget, headcount gates, material capex) require investor consent.

Planned cap table — stage-by-stage ownership

Projected stage-gated PIF / sovereign ownership, founder retention, and implied ESOP + other pool. All figures are pulled from the Cap Table sheet of the 2026 financial model — they describe the intended ownership path, not a current cap table.

  SeedStartupGrowthExpansion
Sovereign / PIF ownership src CT_Saudi_Ownership_* · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx 44.4%72.1%81.6%84.9%
Founder ownership src CT_Founder_Ownership_* · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx 45.6%22.9%15.1%12.4%
Implied ESOP + other 10%5%3.3%2.7%
Pre-money (SAR) 25M98.9M815.5M3.5B
Post-money (SAR) 45M196.9M1.2B4.3B
ESOP reserve
10%
src CT_ESOP_Pool_Pct · Funding & Macro Inputs · Finance docs/Cleverpod Financial Model 2026.xlsx
ESOP is held at the Saudi entity for operator and senior-hire grants. Founder dilution is structured as staged vesting through 2029.
The ask

Priced Seed equity round — into the planned Saudi operating company.

Seed-stage capital is raised as a priced equity round into the Saudi operating company once incorporated, sized to fund MISA incorporation itself, the first pilot fleet, the first commercial deployment, and the Shenzhen R&D ramp. Pre-money is set against the 2026 financial model. Round size and specific terms are available for review.

2026 priced equity round — amount sized to 2026 capital plan
SAR 20M
src CT_Capital_Raised_Seed · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx
2026 pre-money (ref) SAR 25M
2027 post-money SAR 196.9M
2027 revenue SAR 4.5M

Use of 2026 funds

  • Saudi entity incorporation and MISA licensing 6%
  • First pilot fleet (pods, deployment) 34%
  • Saudi operating team (first 12 months) 22%
  • Shenzhen R&D and procurement ramp 20%
  • Software and fleet operations infrastructure 10%
  • Contingency and runway cushion 8%

Indicative allocation based on the 2026 model's operating plan. Line-by-line build-up lives in the data room.

Stage milestones and release gates

  1. 01
    2026

    Entity incorporated, pilot pods deployed

    MISA license issued, Saudi entity incorporated, statutory capital paid in. First pilot pods deployed with paying pilot subscribers. Software and operations playbook validated in the field.

  2. 02
    2027

    First commercial fleet, second city

    Three-digit pod count, two Saudi cities live, positive per-pod contribution, first cohort renewal data. 2027 priced equity round unlocked against these gates.

  3. 03
    2028

    Riyadh · Jeddah · Dammam at scale

    Fleet scaled nationally, HNTE tax status secured, software productised, operator training institutionalised. First full-year positive operating cash.

  4. 04
    2029

    GCC pilot and exit window

    UAE / Kuwait pilot (bonus, not thesis). Operator marketplace operational. DCF / GGM exit window — strategic or secondary transaction.

PIF IRR
246.2%
src CT_Saudi_IRR · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx
PIF MOIC
9.4×
src CT_Saudi_MOIC · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx
2029 post-money
SAR 4.3B
src CT_PostMoney_Expansion · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx
2028 post-money (ref)
SAR 1.2B
src CT_PostMoney_Growth · Cap Table · Finance docs/Cleverpod Financial Model 2026.xlsx

Explore the model

All numbers on this page trace directly to a named range in the 2026 financial model. The full model, stage-gated equity capital plan, and term sheet are available for review.

View the 2026 financial model