- Ampersand, a Rwanda-based electric transport energy company, has secured an additional $2 million following last year's $19.5 million in equity and debt funding.
- Africa-focused growth partnership fund, AHL Venture Partners, and American infrastructure fund manager, Everstrong Capital, backed the e-mobility transport with new funding while Beyond Capital ventures further invested.
- The company will use this investment, which comes ahead of the Series B round, to expand the roll-out of EV energy technology and infrastructure to the mass market.
Founded by John Whale in 2016, Ampersand offers cost-effective, low-carbon transport solutions in East Africa, primarily in Rwanda and Kenya. The company’s electric motorcycles and battery-swapping technology create a seamless fit for riders and business operations.
Ampersand's electric motorcycles are 45% cheaper to operate than their petrol counterparts and produce at least 75% fewer carbon emissions, making them both eco-friendly and cost-effective.
Whale attributes the company's latest funding success to investor confidence in Ampersand’s business model and technology. As the company expands its footprint across Africa, it aims to electrify transport, reduce carbon emissions, and foster clean economic growth.
Ampersand’s commercial motorcycle fleet, featuring AI-powered smart battery technology, covers 3,000,000 km weekly across Kigali and Nairobi. The company facilitates over 75,000 battery swaps weekly at multiple stations with a 30-second turnaround for live battery data capture, ensuring efficiency and sustainable transportation.
In June 2024, Ampersand signed an agreement with a Chinese-born EV company, BYD, to enhance electric motorbike development and deployment in Africa with Ampersand building around 40,000 electric motorcycles by the end of 2026.
The company is championing a public-private partnership to build a modern expressway between Nairobi and Mombasa, designed to integrate electric vehicles seamlessly into the transport network.
With a $1 million investment in Ampersand, Everstrong Capital is driving the adoption of e-mobility in Africa and reinforcing its commitment to enhancing mobility across the continent.
Nigeria, Kenya, Egypt, and South Africa hold the major share of the African electric two-wheeler market with a market share of 20.28%, 20.94%, 17.74%, and 14.24%. With major players in the e-mobility sector like BasicGo, Roam, and Spiro, the Rwandan EV company has a tough market to crack, where mobility startups lead the African startup funding in Q1 2024.
