Ampersand, the Nairobi-based electric transport energy company, has announced a major financial boost with new equity investments from AHL Venture Partners and Everstrong Capital, alongside a reinvestment from Beyond Capital Ventures. This latest round of funding underscores a total of $21.5 million raised over the past year, positioning the company to further its mission of transforming transportation across East Africa.
The new capital will play a critical role in Ampersand’s expansion efforts in East Africa, where motorcycle taxis, known as ‘boda bodas’, are essential for daily transport for millions. Ampersand’s electric motorcycles are designed to offer a more sustainable alternative to traditional petrol bikes, with operational costs up to 45% lower and emissions reduced by at least 75%.
Josh Whale, CEO of Ampersand, commented on the significance of the investment: “This latest funding reflects strong investor confidence in our business model as we continue to scale and innovate within the African e-mobility sector. With ongoing urbanization, our mission to electrify transport, cut carbon emissions, and drive clean economic growth is more critical than ever.” Whale emphasized that the funds will expedite the rollout of their electric vehicle (EV) energy technology and infrastructure, aiming to deploy 5 million electric motorcycles by 2033.
Founded in Kigali, Rwanda, in 2016 by Josh Whale and Alp Tilev, Ampersand has been at the forefront of introducing electric motorcycles to the continent. The company operates battery swap stations in Rwanda and Kenya, catering to thousands of electric motorcycle users. Ampersand’s innovative battery technology is recognized for its cost-effectiveness and reliability, reinforcing their goal to serve one million vehicles daily by 2030 and contribute to the development of a green economy and sustainable job creation.
Ampersand’s commitment to environmental sustainability and affordability has earned it significant accolades, including a spot 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.
Last year, Ampersand secured $19.5 million in funding, including $7.5 million from the Africa Go Green Fund (AGG), managed by Cygnum Capital. This funding was directed towards increasing production of electric motorcycle batteries, expanding the battery swap station network, and enhancing research and development in battery technology and related systems.
The recent investments highlight continued strong support for Ampersand’s vision of revolutionizing transportation in East Africa, paving the way for significant advancements in electric mobility and environmental sustainability.