Ampersand, a leading EV energy tech company, has revealed total raised equity of US$21.5mn over the last 12 months
New investments from AHL Venture Partners and Everstrong Capital has bolstered the company’s total haul, alongside Beyond Capital Ventures reinvesting in a follow-up to its Series A equity commitment.
“This latest funding is a testament to the strong investor confidence in our business model as we continue to scale and innovate within the African e-mobility sector,” remarked Josh Whale, CEO of Ampersand. “With continued urbanisation, our mission to electrify transport, cut carbon emissions and drive clean economic prosperity is more crucial than ever.
The investments have been made ahead of the company’s Series B round and have been earmarked to support the expansion into East Africa.
“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying five million electric motorcycles by 2033,” Whale added. “As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent.”
E-mobility in the spotlight
Eva Yazhari, managing partner, Beyond Capital Ventures, commented, “Ampersand’s comprehensive approach to e-mobility in Africa exemplifies exactly the type of highly scalable solution Beyond Capital Ventures seeks to invest in. Among the e-mobility companies we evaluated, Ampersand stood out for its robust technology, strong market traction, and clear vision for transforming transportation networks across the continent. We view Ampersand as a climate and infrastructure play and by backing Ampersand, BCV's primary goal is to contribute to increased economic development and the growth of capital markets in the region.”
Ampersand’s heavy-duty commercial motorcycle fleet already covers 3,000,000 km a week in Kigali and Nairobi, according to the company. Its AI-enabled smart battery technology allows drivers to exchange batteries within minutes at the nearest ‘swap-station.
“We chose to be part of Ampersand’s growth capital because we found that commercial boda boda riders wanted Ampersand’s bikes for their strength, design and battery swapping convenience – not to mention that Ampersand is an early entrant to the electric motorcycle markets in Rwanda and Kenya,” surmised Phil Dyk, founder and managing partner at Everstrong Capital.
Ampersand is not the only e-mobility that has recognised the opportunity presented by the East African market as Spiro has recently officially launched operations in Uganda. Click here to find out more.
Ampersand funding demonstrates e-mobility appetite in Africa
Capital raised from the Series A round has been used to ramp up electric motorcycle and battery production, expand the company’s swap station network, and continue R&D on battery technology and software. (Image source: Ampersand)
