The investment, led by the Ecosystem Integrity Fund (EIF) alongside Acumen and Hard Edged Hope Fund, includes $7.5 million in debt from the Africa Go Green Fund managed by Cygnum Capital.

This capital injection will fuel Ampersand’s growth in three key areas:

– Boosting production of electric motorcycle batteries: The company aims to ramp up battery production to meet the surging demand from delivery and taxi motorcycle riders transitioning to cleaner mobility solutions.

– Expanding battery swap station network: With a growing fleet of electric motorcycles, Ampersand will strategically expand its network of swap stations in Kigali and Nairobi, ensuring convenient battery replacements for riders.

– Accelerating R&D: Ampersand plans to invest in research and development, focusing on next-generation batteries, software enhancements, and improved battery-swap technology.

Since its 2016 launch, Ampersand was the first to deploy electric motorcycles in Africa (May 2019).

Ampersand’s motorcycles have covered a collective 180 million kilometers, reducing carbon emissions by 8,000 tons.

The company currently serves 1,700 riders and facilitates 140,000 monthly battery swaps in Kigali and Nairobi.

Founded in 2016, Ampersand is headquartered in Kigali, Rwanda. The company operates in Rwanda and Kenya, with 32 battery swap stations and a fleet of 1,700 electric motorcycles.

The company is recognized for its commitment to affordability and sustainability, with its African-made battery fleet leading in cost-effectiveness for light-electric vehicles.

With ambitious goals to serve one million vehicles daily by 2030, Ampersand is positioned to contribute significantly to a greener Africa and create green jobs.