Altree Capital has announced its third investment into Wahu Mobility, a West African e-mobility company committed to revolutionizing urban transportation through the design, manufacture, and sale of electric vehicles (EVs). The investment comes at a crucial time as the EV market in West Africa experiences rapid expansion, aligning with the ambitious goals set by the Ghanaian Government for a 10% EV penetration by 2030.
Wahu Mobility, originally founded as Mana Mobility in 2022 by Ghanaian entrepreneurs Valerie Labi and Toni Heigl in collaboration with German automotive expert Peter Schwarzenbauer, has rebranded in 2023 to reflect its broader vision of creating an open e-mobility platform connecting drivers, goods, and passengers.
The company’s flagship product, the Wahu bike, is an electric bike designed to provide sustainable and affordable urban mobility in Accra and beyond. Equipped with advanced features such as a dual-swappable battery, tracking device, battery management system, and a smart lock controllable via a mobile app, the Wahu bike can transport loads of up to 150 kilograms and offers multiple riding modes, making it suitable for both personal transport and the booming delivery sector.
The Ghanaian Government’s commitment to achieving a 10% EV penetration by 2030, coupled with escalating fuel costs, government incentives, and a growing environmental awareness, has created a fertile ground for the expansion of the EV market in West Africa. Wahu Mobility aims to capitalize on this trend by focusing on delivering affordable and eco-friendly mobility solutions.
Wahu Mobility’s CEO and Founder, a visionary female leader, actively promotes gender inclusivity and diversity within the company and the industry. The company aligns with Altree Capital’s climate mitigation strategy and gender lens filter, emphasizing the strong impact it has on climate, gender, and youth employment.
The innovative “ride-to-own” model employed by Wahu Mobility takes advantage of Ghana’s budding gig economy, allowing delivery riders to start working and earning immediately. Most riders opt to pay off their e-bikes over 18 or 24 months, making the vehicles accessible to a wider customer base while providing a revenue stream to support the riders and ensure repayment.
Altree Capital’s partnership with the U.S Government’s Prosper Africa initiative has played a pivotal role in realizing the Wahu Mobility investment, showcasing the power of collaboration in driving sustainable and impactful ventures within the evolving landscape of electric mobility solutions.
As Wahu Mobility localizes its knock-down assembly line and aims for 50–80% localisation of parts within 18 months, the company anticipates strong growth and a clear path to profitability. With a focus on providing clean, high-quality load-carrying transport, Wahu Mobility is well-poised to contribute significantly to the evolving landscape of the West African EV market.
In conclusion, Wahu Mobility’s innovative efforts and commitment to sustainable urban mobility in Africa, as exemplified by the Wahu e-bike, mark a significant step forward in the global shift toward electric vehicles and environmentally responsible transportation solutions.