Electric vehicles are viewed as a strategy to limit global warming as the energy shift accelerates around the world. Startups are already establishing themselves across the continent in order to take advantage of green investment opportunities. To that effect, Opibus, a Swedish-Kenyan electric mobility firm, said a $ 7.5 million investment round led by Silicon Valley fund At One Ventures had been completed.

The investments are made up of a $ 5 million equity investment and a $ 2.5 million grant. From next year, they will be utilized to expand the production of electric bikes and buses.

“Together, we have achieved a clear strategic and visionary alignment with the belief that mass-manufacturing electric mobility solutions in Africa will not only make products more accessible and affordable, but also lead to one of the biggest transitions in Africa. industrialization and well-being of the region in modern times,” said Filip Gardler, CEO and co-founder of Opibus.

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The company, which is present in six African nations, aims to develop trustworthy and profitable products for the African market. The automaker’s automobiles, according to Helen Lin, director at One Ventures, are half the price of used fossil fuel vehicles and perform better in challenging road conditions. In addition to vehicles and motorbikes, Opibus provides charging solutions, which are necessary for these vehicles to work properly.

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While the African electric car sector is booming, many observers believe that a lack of suitable infrastructure is stifling its expansion. Tesla, the American tech behemoth, reached the continent via Morocco in early October, building charging stations in a number of towns. Despite the challenges, international corporations worth hundreds of billions of dollars find the African market appealing.

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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