- The DFC has granted ampersand a $9m line of credit.
- The facility will enable the company to expand its services in East Africa.
- Ampersand presently has 56 e-bike riders in the region.
Rwanda-based Electric vehicles company Ampersand has signed a $9 million line of credit with the U.S. Development Finance Corporation (DFC). The facility, which is the first signed by the DFC, will enable Ampersand to expand its electric motorcycles in Kenya and Rwanda. The company which finances and assembles electric motorcycles for urban transportation focuses on developing a robust battery exchange network; The network allows drivers to swap batteries at exchange stations.
Josh Whale, the company’s founder and CEO stated about the facility; “We are delighted to have DFC on board with this landmark investment, which provides the impetus to electrify East Africa’s 5 million motorcycle cabs by 2030. DFC’s support underscores the viability and opportunity of investing in electric two-wheelers for mass-market customers in the global South, as well as the importance of this market in achieving carbon neutrality.”
Ampersand had earlier in the year raised $3.5 million in a Series A fundraising round. The round was led by Silicon Valley-based environmental-focused investment fund, Ecosystem Integrity Fund (EIF).