Rwandan e-motorcycle maker Ampersand raises $2 million to power East African expansion​

Rwandan electric motorcycle manufacturer, Ampersand has raised $2 million in a series A funding expansion round. The Kigali-based clean energy company said the new funding would help it achieve its goal of deploying up to 5 million electric motorcycles in Africa over the next 10 years.

The extended round, which brings Ampersand’s total funding to $21.5 million, saw participation by existing investors. They include AHL Venture Partners, an Africa-focused venture fund, Everstrong Capital, an infrastructure investor constructing the Usahihi toll road connecting Kenya’s capital Nairobi and the port city of Mombasa, and Beyond Capital Ventures which reinvested in a follow-up to its Series A equity commitment.

Speaking on the development, Founder and CEO, Josh Whale said the funding will accelerate the proliferation of the company’s energy technology.

“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033. As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent,” the CEO said.

Ampersand is keen on mass production and mass deployment

Ampersand is an electric vehicle company focused on the assembly and financing of electric motorcycles. Founded by Joshua Whale, the company is currently on a massive expansion drive aimed at introducing its motorcycles into markets across East Africa.

The company has been manufacturing commercial-use electric motorcycles since 2016. The company has partnered with Total to station 15 charging/battery swapping stations in their petrol stations. These charging/swapping stations are spread across Nairobi, Kiambu, Kajiado and Machakos. The company says it plans to have 25 stations by the end of the year. The batteries can also be charged at home.

See also: Bolt introduces electric motorcycles in Kenya in partnership with M-KOPA, Roam and Ampersand

In April, the company inked an agreement with ride-hailing company, Bolt, to help improve Bolt’s electric boda-boda fleet in the Kenyan market. And the choice of Kenya is a rather interesting one. This is not just because Bolt already has a thriving boda-boda enterprise, but because the elective vehicle market in the East African giant is about to witness huge growth.

According to data from Kenya’s Energy and Petroleum Regulatory Authority (EPRA), there were 2,079 electric vehicles (including two-wheelers) in the country as of June 2023. This number is expected to go up with the fluctuating fuel prices and some buyers looking for eco-friendly transportation options. With the growing demand for eco-friendly transportation, Ampersand is already positioning itself as the platform of choice for such customers.

The biggest issue with electric motorcycles, however, is the buying price. Ampersand bikes cost between Ksh 240,000 ($1,870) and 250,000 ($1,950) in Kenya. However, the company said its electric bikes can help lower operational costs by up to 40 per cent while reducing emissions by up to 75 per cent.

According to Josh Whale, the average boda boda rider spends about Ksh 1,000 on fuel and Ksh 150 on maintenance every day. Reducing the fuel expense by up to 40% will mean the rider can take home more money every single day.

The post Rwandan e-motorcycle maker Ampersand raises $2 million to power East African expansion first appeared on Technext.

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Rwandan electric motorcycle manufacturer, Ampersand has raised $2 million in a series A funding expansion round. The Kigali-based clean energy company said the new funding would help it achieve its goal of deploying up to 5 million electric motorcycles in Africa over the next 10 years.

The extended round, which brings Ampersand’s total funding to $21.5 million, saw participation by existing investors. They include AHL Venture Partners, an Africa-focused venture fund, Everstrong Capital, an infrastructure investor constructing the Usahihi toll road connecting Kenya’s capital Nairobi and the port city of Mombasa, and Beyond Capital Ventures which reinvested in a follow-up to its Series A equity commitment.

Speaking on the development, Founder and CEO, Josh Whale said the funding will accelerate the proliferation of the company’s energy technology.

“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033. As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent,” the CEO said.

Ampersand is keen on mass production and mass deployment

Ampersand is an electric vehicle company focused on the assembly and financing of electric motorcycles. Founded by Joshua Whale, the company is currently on a massive expansion drive aimed at introducing its motorcycles into markets across East Africa.

The company has been manufacturing commercial-use electric motorcycles since 2016. The company has partnered with Total to station 15 charging/battery swapping stations in their petrol stations. These charging/swapping stations are spread across Nairobi, Kiambu, Kajiado and Machakos. The company says it plans to have 25 stations by the end of the year. The batteries can also be charged at home.

See also: Bolt introduces electric motorcycles in Kenya in partnership with M-KOPA, Roam and Ampersand

In April, the company inked an agreement with ride-hailing company, Bolt, to help improve Bolt’s electric boda-boda fleet in the Kenyan market. And the choice of Kenya is a rather interesting one. This is not just because Bolt already has a thriving boda-boda enterprise, but because the elective vehicle market in the East African giant is about to witness huge growth.

According to data from Kenya’s Energy and Petroleum Regulatory Authority (EPRA), there were 2,079 electric vehicles (including two-wheelers) in the country as of June 2023. This number is expected to go up with the fluctuating fuel prices and some buyers looking for eco-friendly transportation options. With the growing demand for eco-friendly transportation, Ampersand is already positioning itself as the platform of choice for such customers.

The biggest issue with electric motorcycles, however, is the buying price. Ampersand bikes cost between Ksh 240,000 ($1,870) and 250,000 ($1,950) in Kenya. However, the company said its electric bikes can help lower operational costs by up to 40 per cent while reducing emissions by up to 75 per cent.

According to Josh Whale, the average boda boda rider spends about Ksh 1,000 on fuel and Ksh 150 on maintenance every day. Reducing the fuel expense by up to 40% will mean the rider can take home more money every single day.

The post Rwandan e-motorcycle maker Ampersand raises $2 million to power East African expansion first appeared on Technext.

 Ampersand is keen on mass production and mass deployment
The post Rwandan e-motorcycle maker Ampersand raises $2 million to power East African expansion first appeared on Technext.  

Rwandan electric motorcycle manufacturer, Ampersand has raised $2 million in a series A funding expansion round. The Kigali-based clean energy company said the new funding would help it achieve its goal of deploying up to 5 million electric motorcycles in Africa over the next 10 years.

The extended round, which brings Ampersand’s total funding to $21.5 million, saw participation by existing investors. They include AHL Venture Partners, an Africa-focused venture fund, Everstrong Capital, an infrastructure investor constructing the Usahihi toll road connecting Kenya’s capital Nairobi and the port city of Mombasa, and Beyond Capital Ventures which reinvested in a follow-up to its Series A equity commitment.

Speaking on the development, Founder and CEO, Josh Whale said the funding will accelerate the proliferation of the company’s energy technology.

“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033. As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent,” the CEO said.

Ampersand is keen on mass production and mass deployment

Ampersand is an electric vehicle company focused on the assembly and financing of electric motorcycles. Founded by Joshua Whale, the company is currently on a massive expansion drive aimed at introducing its motorcycles into markets across East Africa.

The company has been manufacturing commercial-use electric motorcycles since 2016. The company has partnered with Total to station 15 charging/battery swapping stations in their petrol stations. These charging/swapping stations are spread across Nairobi, Kiambu, Kajiado and Machakos. The company says it plans to have 25 stations by the end of the year. The batteries can also be charged at home.

See also: Bolt introduces electric motorcycles in Kenya in partnership with M-KOPA, Roam and Ampersand

In April, the company inked an agreement with ride-hailing company, Bolt, to help improve Bolt’s electric boda-boda fleet in the Kenyan market. And the choice of Kenya is a rather interesting one. This is not just because Bolt already has a thriving boda-boda enterprise, but because the elective vehicle market in the East African giant is about to witness huge growth.

According to data from Kenya’s Energy and Petroleum Regulatory Authority (EPRA), there were 2,079 electric vehicles (including two-wheelers) in the country as of June 2023. This number is expected to go up with the fluctuating fuel prices and some buyers looking for eco-friendly transportation options. With the growing demand for eco-friendly transportation, Ampersand is already positioning itself as the platform of choice for such customers.

The biggest issue with electric motorcycles, however, is the buying price. Ampersand bikes cost between Ksh 240,000 ($1,870) and 250,000 ($1,950) in Kenya. However, the company said its electric bikes can help lower operational costs by up to 40 per cent while reducing emissions by up to 75 per cent.

According to Josh Whale, the average boda boda rider spends about Ksh 1,000 on fuel and Ksh 150 on maintenance every day. Reducing the fuel expense by up to 40% will mean the rider can take home more money every single day.