Rwanda's Ampersand Secures $2M to Expand Electric Transport Solutions
TLDR
- Ampersand secures $2 million funding for EV energy technology expansion in East Africa backed by AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures.
- Founded in 2016, Ampersand offers affordable electric motorcycles with battery-swapping tech in Rwanda and Kenya, reducing carbon emissions by 75%.
- Latest investment precedes Ampersand's upcoming Series B round to widen access to cost-effective, environmentally friendly transport solutions.
Rwanda-based electric transport energy company Ampersand has secured an additional $2 million in funding, building on last year's $19.5 million equity and debt round.
The new investment, backed by AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures, will support Ampersand’s EV energy technology and infrastructure expansion across East Africa.
Founded in 2016, Ampersand offers electric motorcycles and battery-swapping technology primarily in Rwanda and Kenya. The company’s vehicles are 45% cheaper than petrol motorcycles and produce 75% fewer carbon emissions. The latest funding precedes Ampersand’s upcoming Series B round and aims to bring its cost-effective, low-carbon transport solutions to a broader market.
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Key Takeaways
Due to favorable government policies, Rwanda and Kenya have emerged as prime destinations for EVs. Rwanda imposes no import duties on electric cars and motorbikes, while its e-mobility policy allows companies to establish charging stations rent-free. In Kenya, the first draft of the National E-mobility Policy was unveiled in April, promoting local battery manufacturing, recycling, and the production of EV components such as charging systems. These policies have spurred investment from companies like BasiGo, Roam, and Ampersand to expand their EV production capacities. Ampersand, for instance, aims to capture a significant share of Africa's electric motorcycle market. Revenue from Africa's motorcycle market is projected to reach $4.87 billion by the end of 2024.
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