Rwandan electric motorcycle manufacturer Ampersand has achieved a significant milestone by raising an additional $2 million in a Series A expansion round. This latest infusion of capital brings the company’s total funding to $21.5 million, setting the stage for an ambitious expansion across Africa over the next decade.
The new funding round saw continued support from existing investors, including AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures. These strategic partners have reaffirmed their commitment to Ampersand’s vision of revolutionizing transportation in Africa by focusing on sustainable, clean energy solutions. The additional capital will be crucial in scaling Ampersand’s operations, with the ambitious goal of deploying up to 5 million electric motorcycles across the continent by 2033.
Ampersand’s Founder and CEO, Josh Whale, underscored the importance of this investment in driving the company’s mission forward. “This funding will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033,” Whale said. He emphasized that Ampersand is committed to providing affordable, low-carbon transportation solutions that not only reduce emissions but also create green jobs and spur economic growth across Africa.
Founded in 2016 by Joshua Whale, Ampersand has been a trailblazer in East Africa’s electric vehicle (EV) sector, focusing on the assembly and financing of electric motorcycles. The company has aggressively expanded its presence across the region, introducing its innovative motorcycles to various markets.
A key part of Ampersand’s strategy is its partnership with Total, which has allowed the company to establish 15 charging and battery-swapping stations at Total petrol stations across Nairobi, Kiambu, Kajiado, and Machakos. Ampersand plans to increase this number to 25 stations by the end of the year, significantly enhancing its charging infrastructure. The company’s batteries are also designed for home charging, offering users flexibility and convenience.
In April, Ampersand entered into a strategic partnership with ride-hailing giant Bolt to expand Bolt’s electric boda-boda fleet in Kenya. This collaboration comes at a critical time, as Kenya’s electric vehicle market is set for substantial growth. According to the Energy and Petroleum Regulatory Authority (EPRA), Kenya had 2,079 electric vehicles as of June 2023, with the number expected to rise as fluctuating fuel prices and increasing demand for eco-friendly transportation push more consumers toward electric options.
Despite growing interest, the upfront cost of electric motorcycles remains a challenge. In Kenya, Ampersand’s bikes are priced between Ksh 240,000 ($1,870) and Ksh 250,000 ($1,950). However, the company emphasizes that long-term savings on operational costs make these bikes a worthwhile investment. Ampersand claims that its electric motorcycles can reduce operational costs by up to 40% and lower emissions by up to 75%.
Josh Whale highlighted the financial benefits for boda-boda riders, who typically spend an average of Ksh 1,000 on fuel and Ksh 150 on maintenance daily. By switching to electric motorcycles, riders could see significant savings, allowing them to take home more money each day.
Ampersand’s success story is not just about electrifying Africa’s transportation but also about driving a sustainable future for the continent. With strong backing from investors and strategic partnerships, the company is well-positioned to lead the charge in Africa’s e-mobility revolution.