Josh Whale - Afrikan Heroes

Rwanda’s Ampersand to Scale Operations to Kenya

November 3, 2021

Josh Whale, founder and chief executive officer (CEO) of Ampersand

Rwanda-based electric motorcycle company Ampersand has secured a US$9 million loan facility from the US International Development Finance Corporation (DFC) to expand its operations in Rwanda and Kenya. Launched commercially in May 2019, Ampersand assembles and finances electric motorcycles that cost less to buy and operate, and perform better than the five million petrol motorcycle taxis in use across East Africa.

The core of Ampersand’s business is the network of battery swap stations and fleet of batteries it builds and operates, which allows drivers to swap batteries faster than refilling a tank with petrol and shields vehicle buyers from the high upfront cost of a lithium battery pack.

Since its commercial launch in May 2019, Ampersand’s team has performed over 50,000 battery swaps, powering its fleet of 56 drivers for over two million kilometres. The startup has been fundraising to help it scale, and earlier this year secured a US$4 million investment from the Ecosystem Integrity Fund (EIF) and TotalEnergies.

It has now added to that with a US$9 million loan from the DFC, which will allow Ampersand to scale up the number of electric motorcycles on the road in Rwanda and Kenya to several thousand by the end of 2022. The loan is part of DFC’s Portfolio for Impact and Innovation (PI²) initiative and contributes to its commitment to the US Energy Compact and its target to address climate change with one third of its investments by 2023.

“We’re thrilled to have DFC on board with this historic investment, which is building momentum to electrify all of East Africa’s five million motorcycle taxis by 2030. DFC’s support underlines the viability and investability of electric two-wheelers for mass-market customers in the Global South, and the importance of this market to reaching net zero. On the eve of COP26 in Glasgow we believe bolder, fast-moving and innovative funds like PI² are urgently needed,” said Josh Whale, founder and chief executive officer (CEO) of Ampersand.

“DFC is proud to support Ampersand in their important and innovative work bringing e-mobility and electric motorcycles to Rwanda and Kenya,” said DFC’s chief climate officer Jake Levine. “DFC is focused on making impactful investments in developing countries that will help communities progress and grow while simultaneously building resilience and prosperity for a clean energy future — this investment and the incredible growth that Ampersand has demonstrated in the market represents a great step in that direction.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Rwandan E-Mobility Startup, Ampersand, Secures $9m In Debt Funding, Expands To Kenya

November 2, 2021

Ampersand Rwanda Ltd, Africa’s first electric mobility and financing company, has received a $9 million credit facility to help boost its operations in Rwanda, the continent’s largest operating market, and to fund its geographic growth in East Africa, notably in Kenya.

By 2022, the Rwandan mobility startup hopes to produce “thousands of electric motorcycles” for sale on the Rwandan and Kenyan markets.

This is its first operation in Africa in the field of electric mobility by the American development finance institution.

“We are delighted to have the US International Development Finance Corporation (DFC) on board, for this investment which provides the necessary impetus to electrify East Africa’s 5 million motorcycle taxis by 2030. The support from the DFC demonstrates the viability and possibility of investing in electric two-wheelers for mass market customers in sub-Saharan Africa,” said Josh Whale, CEO of Ampersand.

This credit facility adds to Ampersand’s $ 4 million financing from the venture capital fund Ecosystem Integrity Fund (EIF) and Total Energies in April.

Ampersand claims to have given its fleet of 56 drivers with over 50,000 battery exchanges for over more than 2 million kilometers since its commercial launch in May 2019.

Why The Investors Invested

Launched in 2019, and headquartered in Kigali, Rwanda, Ampersand manufactures and finances electric motorcycles (‘emotos’ or ‘e-bodas’) that are less expensive, cleaner, and more efficient than the 5 million petrol motorcycle taxis that are currently in use across East Africa. Ampersand also owns and operates a network of battery swap stations, which allow drivers to change batteries faster than they can fill up their gas tank. The motorcycles are assembled in Rwanda using parts imported from a variety of sources.

The startup’s fleet of 35 drivers and e-motos has travelled over 1.3 million kilometres since its commercial launch in May 2019, and over 7000 drivers are on the waiting list.

“We design and build the battery packs ourselves. Our fleet of connected batteries, vehicles and network of swap stations is also run on a proprietary software platform, which we created ourselves in Rwanda,” Josh said.

Ampersand mobility Kenya Ampersand mobility Kenya

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write