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.

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