DFC backs Ampersand for first electric mobility deal

Image Credit: Ampersand

Ampersand Rwanda, an electric motorcycle startup based in Kigali, has secured a debt investment from the U.S. International Development Finance Corporation (or DFC) to support its expansion plans in Rwanda and Kenya. The secured loan facility is DFC’s first loan for electric mobility and provides the startup with as much as $9 million of funding which will help the startup add several thousand electric motorcycles to its service in Rwanda and Kenya.

Ampersand assembles and finances electric motorcycles which can be used as taxis known as e-motos or e-bodas, generating an income for their drivers and helping to solve some of the daily transport challenges faced by commuters and others. Ampersand also builds and operates a network of battery swap stations where e-boda drivers can change their vehicle batteries quicker than it takes to refuel the tank of a petro driven motorbike.

To read this article, you must be a paid subscription member. (Current members login here)

\"\"

Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.