A Rwandan start-up, Ampersand, announced that it has raised $19.5 million in equity and debt funding, in a move that would ramp up the firm’s electric motorcycle battery production, expand the swap station network, and accelerate R&D (Research and Development) on battery tech, software, and swap systems. Ampersand, which also prides itself as Africa’s first electric transport energy company, says it also plans to roll out “thousands of new electric-powered motorbikes” following the financial muscle. ALSO READ: Rwandan startup listed among World Economic Forum’s Technology pioneers of 2022 Formed in 2016, the company assembles and finances electric motorcycles that cost less to buy and operate. Since its commercial launch in May 2019, Ampersand’s fleet has grown to over 1,700 in size and is expected to exceed 10,000 in 2024. “Our Made-in-Africa battery fleet already leads the world in cost per km and uptime for light-electric vehicles. Our technology continues to advance, and alongside the now rapid march of government e-mobility policies across Africa and the removal of fuel subsidies, our addressable market continues to grow. With this funding, we are on track to deliver thousands more electric motorcycles in the coming months,” said Josh Whale, CEO and founder at Ampersand. ALSO READ: Rwanda's electric motorcycle company marks 250000km The $19.5 million capital raised round was led by Ecosystem Integrity Fund (EIF) and joined by Acumen and Hard-Edged Hope Fund. Other investors include Société Petrolieres du Rwanda, Total Energies, Alphamundi VC, among others. It also includes a $7.5 million debt facility from Cygnum Capital’s Africa Go Green Fund. “The strong support of both existing and new investors, despite the current challenging fundraising environment, reflects their confidence in our business model, technology, customer-centric approach, strong unit economics, and competitive advantage,” Whale said. He added; “It also reflects our investors’ commitment to support the green transition in Africa. We are very pleased by the trust placed in us by our growing investor base and look forward to continuing to partner with them to meet the fast-growing demand for electric mobility on the continent.” In May 2019, Ampersand was the first company to put electric motorcycles on the ground in Africa. In the past four years, according to the company, its e-motorcycles have travelled a combined 180 million kilometres and avoided 8,000 tonnes of carbon emissions. Official numbers indicate that by December 2023, Ampersand served 1,700 electric motorcycle riders with battery swaps. These customers, together, cover 1.4 million km every week in Kigali and Nairobi, powered by 140,000 monthly battery swaps.
