Africa's electric mobility trailblazer, Ampersand, has ignited a $19.5 million green energy boost to accelerate its mission of electrifying transportation across the continent. This substantial funding injection includes $7.5 million in debt financing from Cygnum Capital's Africa Go Green Fund, powering Ampersand's ambitious growth plans.
The company is poised to channel this capital strategically:
Production boost: Ampersand aims to ramp up electric motorcycle battery production to meet the flourishing demand from delivery and taxi riders embracing cleaner mobility options.
Network expansion: More battery swap stations will sprout across the landscape, ensuring riders can always keep their vehicles charged and ready to roll.
R&D focus: Ampersand is committed to pushing technological boundaries, dedicating resources to developing next-generation batteries, optimizing software, and further refining battery-swap technology.
This milestone marks a pivotal moment for Ampersand, as Josh Whale explains, "It allows us to accelerate our mission of providing affordable, sustainable, and accessible electric mobility solutions across Africa." Equity funds will fuel product development, while both debt and equity will propel the expansion of Ampersand's crucial battery swap network. This expansion is critical to cater to the rapidly growing demand from African riders eager to ditch gas-guzzlers and switch to electric two-wheelers.
Ampersand's R&D team is set to focus on honing next-generation batteries and refining the seamless battery-swap experience. Since its inception in 2016, this trailblazing company has carved a niche by building and financing electric motorcycles that outperform their gasoline-powered counterparts in both affordability and performance.
Since its 2019 launch, Ampersand's fleet has steadily grown to over 1,000 units, projected to zoom past 10,000 by the end of 2024. The company's commitment to affordability and sustainability shines through its Africa-made battery fleet, which boasts the world's leading cost-per-kilometer and uptime for light electric vehicles.
Ampersand has set an ambitious target to serve one million vehicles daily by 2030. This visionary goal not only promotes a greener Africa but also fosters the creation of eco-friendly jobs, driving sustainable development across the continent.
Ampersand's innovative approach has garnered prestigious accolades, including a spot on the 2023 SET100 list and the 2023 Secretary of State's Award for Corporate Excellence in Sustainable Supply Chains. Investors are keen to fuel Ampersand's journey, citing several compelling reasons:
Proven track record: Since 2016, Ampersand has consistently led Africa's electric mobility space, pioneering the rollout of electric motorcycles in 2019.
Tangible environmental impact: Over four years, Ampersand's motorcycles have collectively clocked a staggering 180 million kilometers, reducing carbon emissions by a remarkable 8,000 tons.
Strong customer base: Currently, Ampersand serves 1,700 electric motorcycle riders, facilitating 140,000 monthly battery swaps in Kigali and Nairobi.
Investor confidence: Led by the Ecosystem Integrity Fund, investors like Acumen and Hard Edged Hope Fund recognize Ampersand's potential, fueled by its solid business model, cutting-edge technology, customer-centric approach, robust unit economics, and competitive edge.
Alignment with the green wave: Ampersand's mission seamlessly aligns with Africa's burgeoning green transition, further bolstering investor confidence.
With this green energy boost, Ampersand is poised to electrify Africa's transportation landscape, one eco-friendly ride at a time.
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