A Milestone for Rwandan EV Innovator
Rwandan electric motorcycle manufacturer Ampersand has successfully raised $2 million in a Series A expansion round, marking a significant milestone in the company's growth trajectory. This latest funding round brings Ampersand’s total capital raised to $21.5 million and sets the stage for an ambitious expansion across Africa over the next decade.
Strategic Investment to Accelerate Expansion
The new funding round saw participation from existing investors, including AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures. These investors have reaffirmed their commitment to Ampersand's vision of transforming transportation in Africa by investing in clean energy solutions. The funds will be instrumental in scaling Ampersand’s operations, with a goal to deploy up to 5 million electric motorcycles across the continent by 2033.
Transforming Africa's Transportation
Josh Whale, Founder and CEO of Ampersand, emphasized the significance of this investment in driving the company's mission forward. “This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033,” Whale stated. He added that the company remains committed to delivering affordable, low-carbon transport solutions that will not only reduce emissions but also create green jobs and stimulate economic growth across Africa.
Ampersand’s Growth and Strategic Partnerships
Founded by Joshua Whale, Ampersand has been a pioneer in the electric vehicle (EV) sector in East Africa, focusing on the assembly and financing of electric motorcycles. Since its inception in 2016, the company has been on an aggressive expansion drive, introducing its electric motorcycles to various markets across the region.
A key component of Ampersand’s strategy is its partnership with Total, which has enabled the company to establish 15 charging and battery swapping stations at Total petrol stations across Nairobi, Kiambu, Kajiado, and Machakos. The company plans to increase this number to 25 stations by the end of the year, further enhancing its charging infrastructure. Additionally, Ampersand's batteries are designed to be charged at home, providing flexibility and convenience to users.
Enhancing Kenya’s Electric Boda-Boda Fleet
In April, Ampersand announced a strategic partnership with ride-hailing giant Bolt to enhance Bolt’s electric boda-boda fleet in Kenya. This collaboration is particularly timely as Kenya’s electric vehicle market is poised for significant growth. According to the Energy and Petroleum Regulatory Authority (EPRA), there were 2,079 electric vehicles in Kenya as of June 2023, a number that is expected to rise as fluctuating fuel prices and the demand for eco-friendly transportation drive more consumers towards electric options.
Making Electric Motorcycles Affordable
Despite the growing interest in electric motorcycles, one of the primary challenges remains the upfront cost. In Kenya, Ampersand bikes are priced between Ksh 240,000 ($1,870) and Ksh 250,000 ($1,950). However, Ampersand emphasizes that the long-term savings on operational costs make these bikes a viable investment. The company claims that its electric motorcycles can reduce operational costs by up to 40% and lower emissions by up to 75%.
Josh Whale highlighted the financial benefits for boda-boda riders, who spend an average of Ksh 1,000 on fuel and Ksh 150 on maintenance daily. By switching to electric motorcycles, riders could see significant savings, allowing them to take home more money each day.
