Headquartered in Kigali, Ampersand Rwanda Ltd has secured a $9 million loan facility from the U.S. International Development Finance Corporation (DFC) which will go towards expanding its Kenya and Rwanda operations. This deal is part of DFC’s first loan targeted towards electric mobility signifying increased investor confidence across Africa’srising e-mobility sector. The funds will go towards scaling the number of bikes on the road in Kenya and Rwanda. Ampersand’s Founder and CEO is Josh Whale.
This deal is the first investment by DFC into electric mobility and signifies increased investor confidence in the rising e-mobility sector across Africa. Ampersand assembles and finances electric motorcycles – popularly known as e-motors and e-bodas, which are less costly to buy and operate. With 83% less carbon emissions, Ampersand is looking to replace the 5 million petrol-powered battery swap stations and battery fleets.
Since its launch in 2019, Ampersand has completed over 50,000 battery swaps while powering a 56-driver fleet of e-bikes. The $9 million investment loan is part of DFC’s Portfolio for Impact and Innovation Initiative. The investment builds on a $4 million initial Serie A round secured earlier in 2021 supported by the Silicon Valley investor Ecosystem Integrity Fund (EIF) and TotalEnergies. This adds to an early-stage investment by USAID’s Development Innovation Ventures (DIV), the Rwanda Green Fund, and UK Government’s Frontier Technology Livestreaming initiative.
Proud to announce we have secured a $9 mn debt facility from @DFCgov to accelerate our growth in Rwanda +Kenya. As #COP26 kicks off, this investment shows the key role #electricmobility can play in achieving #NetZero across the Global South. #GreenRwanda https://t.co/bmAlVcSk0Z pic.twitter.com/AnN6ByWXzZ
— Ampersand (@AmpersandMotor1) November 1, 2021