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Fasset Open Letter

Dear Elon, 

We are writing to you on behalf of our company, Fasset, a tokenization and financing platform for sustainable infrastructure assets. With the rapid development of greentech and the sustainability sector in the Middle East, we write to you in recognition of Tesla’s defining push for the green revolution, driving the electric vehicle (EV) industry to where it is today. As climate change threatens to make parts of the Middle East uninhabitable by 2050, it is our goal at Fasset to rewrite today’s climate predictions and preserve the region for future generations.

We’ve always been inspired by your commitment to environmental sustainability and share a similar mission to Tesla in accelerating the world’s transition to sustainable energy. Your position as a visionary changemaker and Tesla’s growing presence in the Gulf, make us optimistic and more certain of reaching our goals. 

We’re championing sustainable infrastructure and innovative technologies in response to global warming with the launch of our Fasset Enterprise Platform and Fasset Exchange—platforms dedicated to leveraging blockchain and digital assets to fast-track initiatives to reach global sustainability goals. Given your strong endorsement of the digital asset sector, promoting the proliferation of cryptocurrencies and awareness of blockchain’s possibilities, we hope you will agree that these technologies have profound potential to drive the financing of green initiatives across the world. 

It is with a similar spirit in mind that Fasset and NEC Payments have successfully completed the world’s first Proof-of-Concept (PoC) tokenization of a Tesla Charger in Bahrain, marking a decisive step in the progression of the Middle East’s EV industry. We created 10 “tokens” digitally representing fractional ownership of electrical output from the charging unit, distributing them to Bahraini residents to be bought, sold, or traded just as access tokens for any other service. Each token is pre-loaded with credit for 1 year, allowing token holders to use the Tesla Charger at discounted rates. One of the tokens has been converted into a credit-and-use non-fungible token (NFT) and is celebrated to be among the first NFTs created in the Middle East. 

While we envision a future powered by clean energy, we acknowledge that industries, livelihoods and economies within the Middle East are strongly connected to oil. However, there has been growth in the Gulf’s EV sector from government and institutional-led programmes—from Saudi Arabia’s progress to reduce dependence on oil and generate green business through Vision 2030, and the Dubai Taxi Corporation adding 200 Teslas to their fleet. Unfortunately, these efforts are fragmented and inconsistent across the Gulf where oil is still king, and increasing access to EVs and charging stations are still hurdles that have yet to be crossed. 

While Fasset is spurring on sustainability in the Middle East by making EVs more accessible and affordable, our journey is just beginning. It’s leaders like Tesla who can galvanise a global movement, ensuring innovators, enterprises and consumers are connecting the dots and combining radical ideas to positively impact the world we live in. If we can join forces, bringing the legacy of industry leaders like Tesla and new agile disruptors like Fasset, we can power far stronger green efforts, undoing the years of climate degradation to lead the way to a better tomorrow. With much still to work towards in the green revolution, we can only imagine what a partnership between Tesla and Fasset could do for sustainability in the Gulf and the wider world. We have already tokenized the first charger, what more can we do and achieve together?

Sincerely,

The Fasset Team

Mohammad Raafi Hossain, Co-Founder and CEO 

Daniel Ahmed, Co-Founder and Head of Operations

Aziz Zainuddin, Chief Product Officer

Sulmaan Hanif, Chief Revenue Officer

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