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After announcing in 2023 that it would deploy 600,000 electric motorcycles on East African roads, mobility start-up Ampersand will be able to put its plans into action as early as 2024. The company recently raised $19.5 million in a multi-investor round.
Ampersand is moving up a gear in Rwanda. The Kigali-based mobility start-up has raised $19.5 million from investors. The round, led by the US Ecosystem Integrity Fund (EIF), saw the participation of New York-based Acumen and Hard Edged Hope. Of this capital, $7.5 million represents a credit facility obtained from the German fund Africa Go Green (AGG).
Ampersand will use this financing to produce batteries for its electric motorcycles, expand its network of exchange stations in the Rwandan capital and step up research and development (R&D) on technology, particularly e-mobility software. The aim is to “meet the growing demand from delivery motorcycle and cab drivers wishing to switch from gasoline-powered motorcycles to electric two-wheelers”, says the start-up founded in 2016.
A vision for electromobility
“Our fleet of batteries manufactured in Africa is already the world leader in terms of cost per kilometer and uptime for light electric vehicles. Our technology continues to advance, in parallel with the now rapid evolution of government electric mobility policies across the continent. And thanks to the removal of fuel subsidies, our addressable market continues to grow, and we’re on track to deliver thousands more in the coming months,” explains Josh Whale, Ampersand’s CEO and founder.
And it all seems to be going well, as the company claims 140,000 battery exchanges per month, both at its Kigali facility and in Nairobi, Kenya, where demand is also growing. According to Ampersand, this is a plus in the fight against pollution in East Africa, as electric motorcycles emit less carbon dioxide (CO2) than conventional “bodas bodas”. This is why the start-up is collaborating with technology and energy companies such as British solar home systems provider Bboxx, with whom it has signed an agreement in 2022. |
