Based in Kigali, Ampersand Rwanda Ltd has secured a $ 9 million loan facility from the American International Development Finance Corporation (DFC) which will be used to expand its operations in Kenya and Rwanda. The deal is part of DFC’s first electric mobility loan, which signifies increased investor confidence in Africa’s growing electric mobility sector. The funds will be used to increase the number of bikes on the road in Kenya and Rwanda. The founder and CEO of Ampersand is Josh Whale.
This agreement is DFC’s first investment in electric mobility and signifies increased investor confidence in the growing electric mobility sector across Africa. Ampersand assembles and finances electric motorcycles – commonly known as e-motors and e-bodas, which are less expensive to buy and use. With 83% less carbon emissions, Ampersand is looking to replace the 5 million gasoline battery exchange stations and battery banks.
Since its launch in 2019, Ampersand has carried out more than 50,000 battery exchanges while powering a fleet of electric bicycles of 56 riders. The $ 9 million investment loan is part of DFC’s Impact and Innovation Portfolio initiative. The investment builds on an initial Serie A funding round of $ 4 million obtained earlier in 2021, backed by Silicon Valley investor Ecosystem Integrity Fund (EIF) and TotalEnergies. This is in addition to an initial investment from USAID’s Development Innovation Ventures (DIV), the Rwanda Green Fund and the UK government’s Frontier Technology Livestreaming initiative.
Proud to announce that we have secured a loan facility of $ 9 million from @DFCgov to accelerate our growth in Rwanda + Kenya. As # COP26 starts, this investment shows the key role # electric mobility can play to reach #NetZero across the Global South. #GreenRwanda https://t.co/bmAlVcSk0Z pic.twitter.com/AnN6ByWXzZ
– Ampersand (@ AmpersandMotor1) November 1, 2021
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