Kenya’s ARC Ride Secures $10M Investment from Mirova for EV Battery Swapping Expansion
Kenya’s electric mobility startup, ARC Ride, has secured a significant $10 million senior debt investment from Mirova, a French sustainable investor. This funding, the first EV investment in sub-Saharan Africa for Mirova’s Gigaton Fund, will fuel ARC Ride’s ambitious expansion plans for its innovative battery-swapping network, the largest of its kind on the continent. This initiative underscores the growing interest in sustainable transportation solutions and represents a crucial step in transitioning towards cleaner and more affordable urban mobility options in Kenya.
Driving Sustainable Mobility in Kenya
The $10 million investment will be instrumental in deploying 600 automated battery-swapping cabinets and an impressive 25,000 batteries across Kenya. ARC Ride’s electric motorcycles are designed to provide a cost-effective and environmentally friendly alternative to traditional petrol-powered transport, particularly appealing to riders in the gig economy. Each electric motorcycle is projected to eliminate 2 tonnes of carbon dioxide emissions annually while significantly reducing fuel and maintenance expenses for riders. This project not only promotes cleaner air but also aligns with the United Nations’ Sustainable Development Goals, specifically SDG 13 (Climate Action) and SDG 8 (Decent Work & Economic Growth).
In conclusion, this investment represents a major milestone for ARC Ride and the broader electric mobility landscape in Africa. This funding will bolster its commitment to redefining urban transport and driving sustainable economic progress. The partnership between ARC Ride and Mirova demonstrates that these initiatives will bring both environmental and economic benefits to Kenya and the region.
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Related Keywords: Kenya ARC Ride, EV battery swapping, Mirova investment, 10 million funding, electric vehicle charging, Kenya electric vehicles, sustainable transportation, battery swapping technology, African startups, clean energy Kenya
