Ampersand, Africa’s pioneering electric transport energy company, has secured a total of $19.5 million in funding, with a significant portion, $7.5 million, obtained as new debt from the Africa Go Green Fund (AGG) managed by Cygnum Capital. The purpose of this capital injection is threefold: firstly, to ramp up production of electric motorcycle batteries, secondly, to expand the existing battery swap station network, and thirdly, to accelerate research and development efforts focused on battery technology, software enhancements, and the improvement of battery-swap systems.

Specifically, Ampersand plans to utilize the equity funds to expedite product development, while both debt and equity will be channeled towards the expansion of Ampersand’s battery swap network. This expansion is crucial to meet the surging demand from delivery and taxi motorcycle riders in Africa who are keen on transitioning from traditional fuel to electric motorcycles. R&D initiatives will primarily target the development of Ampersand’s next-generation batteries and advancements in battery-swap technology.

Why the Investors Invested

The infusion of funds into Ampersand can be attributed to several compelling factors. Foremost, the company has demonstrated a successful track record since its inception in 2016, being the first in Africa to deploy electric motorcycles in May 2019. Over the past four years, Ampersand’s motorcycles have collectively covered an impressive 180 million kilometers, resulting in a substantial reduction of 8,000 tons of carbon emissions. The company presently serves 1,700 electric motorcycle riders, facilitating 140,000 monthly battery swaps in Kigali and Nairobi.

Investors, led by the Ecosystem Integrity Fund (EIF) alongside Acumen and Hard Edged Hope Fund, recognize the significant impact Ampersand has had in pioneering sustainable, affordable, and reliable mobility solutions in Africa. The confidence in Ampersand’s business model, technology, customer-centric approach, robust unit economics, and competitive advantage has motivated both existing and new investors to support the company during a challenging fundraising environment. Moreover, the alignment of Ampersand’s mission with the broader green transition in Africa has further bolstered investor confidence.

A Look at Ampersand

Founded in Kigali, Rwanda, in 2016, Ampersand is Africa’s premier electric transport energy company. The company, co-founded by Josh Whale and Alp Tilev, has been instrumental in introducing electric motorcycles to the continent, fostering a shift towards sustainable transportation. Ampersand’s primary markets are in Rwanda and Kenya, where it operates 32 battery swap stations, serving 1,700 electric motorcycle riders.

The startup has gained recognition for its commitment to affordability and environmental sustainability. Ampersand’s battery fleet, manufactured in Africa, is hailed as a global leader in cost per kilometer and uptime for light-electric vehicles. The company’s goal is ambitious, aiming to serve one million vehicles daily by 2030, thereby contributing to the growth of a green economy and the creation of green jobs. Ampersand’s innovative approach has earned it a place in the Start Up Energy Transition’s 2023 SET100 List and the 2023 Secretary of State’s Award for Corporate Excellence in Sustainable Supply Chains.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.  As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard