- EVTech is raising 4.2 billion CFA francs (around €6.4 million) from national and international investors.
- This financing will enable the deployment of its electric vehicle recharging solutions in this West African country.
By 2024, electric transportation is anticipated to grow in Ivory Coast. A Series A investment round for the mobility startup EVTech is now being held with the participation of domestic and foreign investors. The 4.2 billion CFA francs (about 6.4 million euros) in money will be utilized to fund and set up electric vehicle charging stations.
The Grand-Bassam-based business also has plans to expand its operations to other Ivory Coast cities, including the nation’s capital Yamoussoukro, where the vast majority of the city’s 340,000 residents continue to travel using polluting modes of transportation, particularly thermal vehicles.
EVTech is relying on its created “Neo” smartphone application in the interim. With the help of this technological advancement, subscribers and electric vehicle owners in the area will be able to “locate available charging points, to know in real time the availability of latter, the charging power offered, the type of connector or the price of charge,” according to the start-up founded in 2022. The Ivorian start-up Auto24, which specializes in the sale and repurchase of used cars, will also receive technology solutions from EVTech. At the town of Treichville, the latter put in an electric vehicle charging station in December 2022.