Arc Ride Accelerates Kenyan EV Revolution with $10M French Investment
Kenyan e-mobility startup Arc Ride has secured a significant $10 million debt financing from Mirova, a Paris-based sustainable investment firm. This investment marks Mirova’s first foray into the African electric vehicle (EV) sector through its €282 million Gigaton Fund, signaling growing confidence in the continent’s burgeoning two-wheeler market. The funding will be instrumental in scaling Arc Ride’s battery-swapping network specifically designed for electric motorcycles, a critical component for driving EV adoption in Kenya.
Powering Kenya’s Boda Bodas with Sustainable Energy
The investment from Mirova, which boasts €33 billion in assets under management, represents a strategic entry into a rapidly expanding market. Projections estimate the African two-wheeler market will experience annual growth exceeding 10% through 2029, with motorcycle taxis, commonly known as boda bodas, playing a crucial role in Nairobi’s transportation ecosystem. The financing is structured as a five-year senior secured loan, demonstrating Mirova’s long-term commitment to supporting Arc Ride’s mission of electrifying transportation and promoting sustainable mobility solutions in Kenya.
Arc Ride’s success in securing this substantial investment underscores the increasing attractiveness of the African EV market and the potential for innovative solutions like battery-swapping networks to overcome barriers to adoption. This funding will empower Arc Ride to expand its infrastructure, making electric motorcycles a more viable and accessible option for boda boda riders, ultimately contributing to a cleaner and more sustainable transportation future for Kenya.
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