Ampersand a Rwandan-based motorcycle startup that leverages electricity has raised a US$9 million loan facility to expand its African operations.
The startup brings together cheap electric motorcycles to operate while financing them for use in East Africa.
Launched in 2019, Ampersand operation’s core is around a fleet of batteries it is creating to enable motorcycle drivers to change batteries very quickly as compared to refilling their petrol tanks.
This saves drivers the cost to be expended on lithium batteries.
The motorcycle startup has carried out more than 50,000 battery swaps while powering a fleet of over 50 drivers through more than two million kilometers.
In early 2021, Ampersand raised US$4 million in funding from TotalEnergies and the Ecosystem Integrity Fund (EIF). This latest round was secured from US International Development Finance Corporation (DFC).
Josh Whale, founder and chief executive officer (CEO) of Ampersand, said:
“We’re thrilled to have DFC on board with this historic investment, which is building momentum to electrify all of East Africa’s five million motorcycle taxis by 2030.
DFC’s support underlines the viability and investability of electric two-wheelers for mass-market customers in the Global South, and the importance of this market to reaching net zero. On the eve of COP26 in Glasgow we believe more bold, fast-moving and innovative funds like PI² are urgently needed,”
Jake Levine, Chief Climate Officer of DFC also commented:
“DFC is proud to support Ampersand in their important and innovative work bringing e-mobility and electric motorcycles to Rwanda and Kenya,”
Featured Image: Ampersand Team
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