The Development Bank of Southern Africa (DBSA) has led a R50m ($2.6m) funding round for Stellenbosch-based Zimi, which provides electric vehicles, charging infrastructure and energy management systems for commercial fleets.
The round included participation from Keyo Ventures and a group of angel investors. Zimi plans to use the capital to deploy approximately 200 commercial fleet charging stations and facilitate the rollout of around 2,000 EVs over the next 18 months, the company said.
The investment follows the DBSA’s $5.6m (R100m) commitment to Zero Carbon Charge last year, one of the few pure-play EV charging operators in the South African market. The state-backed development finance institution operates with a domestic infrastructure mandate and has identified EV charging as critical for the country’s industrial transition.
Deal details
Zimi’s business model bundles EVs, charging infrastructure, solar energy systems and energy management technologies into a single offering for fleet operators. The company also provides a full maintenance lease option that converts capital expenditure into predictable operational costs.
According to Zimi, fleets switching to its system can reduce energy costs per kilometre by up to 90% from day one, removing exposure to volatile fossil fuel prices.
“This funding is instrumental in helping us make EVs possible for fleets across South Africa,” said Michael Maas, CEO and founder of Zimi.
The company said the investment would enable the expansion of existing customer projects and pilot programmes while facilitating the development of additional fleet charging sites.
Why DBSA is backing EV infrastructure
Phindile Masangane, group executive for programmes at the DBSA, said the bank views EV charging infrastructure as an important component of South Africa’s transition to a lower-carbon economy.
“Our investment in Zimi is a calculated move to support a project that provides essential EV charging infrastructure and management services to corporate clients,” Masangane said. “This partnership is a testament to our belief that South Africa is ready for the EV shift.”
The DBSA’s consecutive investments in two distinct EV operators — Zero Carbon Charge and now Zimi — suggests the institution is building a portfolio approach to the sector rather than backing a single champion. Zero Carbon Charge focuses on public charging networks, while Zimi targets commercial fleet operators.
South Africa’s unreliable power grid remains a fundamental constraint for EV adoption. Even with integrated solar and battery storage, scaling charging infrastructure across the country requires consistent electricity access — something the national grid does not always guarantee.
The 18-month target of deploying 2,000 EVs and 200 charging stations is ambitious for a market where commercial fleet electrification remains nascent. Execution risks include procurement lead times, installation delays and customer onboarding in an industry still unfamiliar with e-mobility operations.
The DBSA’s lead role in Zimi’s Series A highlights a wider trend of development finance institutions filling the gap where traditional venture capital remains scarce for African cleantech infrastructure projects. Zimi’s bundled EV-as-a-service model — pairing vehicles, charging, solar and financing — reflects a strategic bet that removing complexity, not just reducing cost, is the key to unlocking adoption in grid-constrained markets.
Zimi was founded by Michael Maas and Stefan Nel. The company is based in Stellenbosch, Western Cape.