Electric Motorcycle Growth in East Africa Reinforced by $2 Million Investment from Ampersand
Ampersand, a Rwandan electric motorcycle company, has announced that it has secured an additional $2 million in funding, bringing its total funding to $21.5 million. This funding round, which includes investments from AHL Venture Partners, Everstrong Capital, British International Investment (BII), Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, Raspberry Syndicate, Acumen, and TotalEnergies, aims to support Ampersand's growth and accelerate the deployment of its EV energy technology and infrastructure.
Established in 2016, Ampersand assembles and finances electric motorcycles. The company's electric motorcycles operate at 45% lower costs and emit 75% fewer emissions than petrol-powered models, making them an attractive option for the growing African motorcycle market, valued at approximately $4.87 billion.
The new funding will also enable Ampersand to expand its production facilities in Kigali and Nairobi, and to introduce 5 million electric motorcycles by 2033. This ambitious goal aligns with the company's commitment to providing affordable, low-carbon transport options and stimulating economic development across the continent.
Ampersand's CEO, Josh Whale, expressed his enthusiasm about the new funding, stating, "This funding will accelerate the deployment of our EV energy technology and infrastructure, and we are excited to continue transforming Africa's transportation landscape."
In June 2024, Ampersand secured a partnership with BYD, a leading manufacturer of electric vehicles, with the aim of producing 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026. This partnership is part of Ampersand's larger goal of reducing carbon emissions and promoting sustainable transportation in Africa.
The increased investor interest in renewable energy and e-mobility investments is a positive sign for the future of sustainable transportation in Africa. Ampersand currently operates 18 charging stations across Kigali and Nairobi, demonstrating its commitment to providing a comprehensive solution for electric motorcycle ownership.
With this new funding round, Ampersand is well-positioned to make a significant impact on Africa's transportation industry and contribute to a more sustainable future for the continent.
