New Investments
GOGO Electric Secures $1.6 Million Investment to Electrify East African Transport
The Electrification Financing Initiative (ElectriFI), funded by the European Union, has made its first investment in the African ecological mobility sector, committing $1.6 million to Ugandan startup Gogo Electric (formerly Bodawerk).
Gogo Electric, headquartered in Kampala, assembles electric motorcycles and manufactures lithium-ion batteries in its local factory, boasting a production capacity of 60,000 units annually.
To facilitate a seamless transition from gas-powered motorcycles, the company has established a network of battery-swapping stations across Uganda.
“This investment is a tremendous validation of our vision to revolutionize Uganda’s transport sector through sustainable e-mobility solutions,” said Jakob Hornbach, Gogo Electric’s founder and CEO.
“With ElectriFI’s crucial support, we are positioned to accelerate our mission and make electric motorcycles a mainstream reality for Ugandans.”
Gogo Electric’s focus aligns with the pressing need to decarbonize “boda bodas,” the ubiquitous motorcycle taxis in Uganda and East Africa.
Estimates by Kampala Capital City Authority (KCCA) suggest over 150,000 motorcycle taxis operate in the Ugandan capital alone, highlighting the significant potential impact.
Since its inception in 2017, Gogo Electric has deployed over 1,300 electric motorcycles and established 65 battery-swapping stations in Uganda.
The company estimates these eco-friendly vehicles can offset emissions by 3,200 tonnes of carbon dioxide equivalent (CO2) annually, attracting further investment.
ElectriFI joins Kenyan investment firm Watu Credit, which previously invested to support the deployment of 1,000 electric motorcycles from Gogo Electric in Uganda.
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