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Ampersand has received financing of $3.5 million from the EIF to develop its fleet of electric motorbikes and battery exchange stations in Rwanda.
- The investment will also enable it to expand beyond Rwanda’s borders
American startup Ampersand has received $3.5 million from the Ecosystem Integrity Fund (EIF) to develop its fleet of electric motorbikes and battery exchange stations in Rwanda. The Ecosystem Integrity Fund (EIF) is an American investment fund that provides financing for environmentally sustainable projects.
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The Kigali based company assembles and finances electric motorcycles for transportation. Due to traffic jams in African cities, motorcycles and tricycles are increasingly being adopted to ensure faster transport times for people and goods. These new forms of transport are also opening op remote areas and making them more accessible.
Ampersand intends to use the funds raised to develop a network of electric motorbikes and battery exchange stations in Rwanda. According to the company, the investment will also enable it to expand beyond Rwanda’s borders, fuel the company’s research and development arm, and put the company on track to electrify the entire East African motorbike taxi fleet by2030.
Ampersand already has 35 electric motorbikes on the road in Kigali, with about 7,000 drivers on its waiting list.