RWANDA – Ampersand, Africa’s first electric transport energy company, has raised US$19.5 million in equity and debt funding to help it continue to expand operations.
The funding was led by Ecosystem Integrity Fund (EIF), and joined by Acumen and Hard Edged Hope Fund. Other investors were Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF and Beyond Capital Ventures.
It also includes a US$7.5 million debt facility from Cygnum Capital’s Africa Go Green Fund.
“Our made-in-Africa battery fleet already leads the world in cost per km and uptime for light-electric vehicles,” said Josh Whale, CEO and founder of Ampersand.
“Our technology continues to advance, alongside the now rapid march of government e-mobility policies across Africa and removal of fuel subsidies, our addressable market continues to grow. With this funding, we are on track to deliver thousands more electric motorcycles in the coming months.”
Based in Kigali, Rwanda since 2016, Ampersand was the first company to put electric motorcycles on the ground in Africa in May 2019. With a successful four-year track record, the company’s motorcycles have traveled a combined 180 million kilometers and avoided 8,000 tons of carbon emissions.
“From the beginning, our mission was to deploy a mass-market, locally produced vehicle and energy package that cost users less to buy and operate from day one,” commented Alp Tilev, President and Co-Founder of Ampersand.
“We have delivered that by a wide margin, increasing customers’ income by 35% per week. Ampersand has created a new experience for consumers, and we are proud to be leading the shift to sustainable, affordable, and reliable mobility in Africa.”
As of December 2023, Ampersand serves 1,700 electric motorcycle riders with battery swaps. These customers together cover 1.4 million km every week in Kigali and Nairobi, powered by 140,000 monthly battery swaps.
“We are delighted to provide continued support to Ampersand as it transitions to a growth-stage company and leads the development of electric transportation in East Africa,” said James Everett, managing partner of Ecosystem Integrity Fund.
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