ARC Ride Secures $10 Million to Expand Electric Mobility in Kenya
Kenyan e-mobility startup ARC Ride has secured a significant boost in funding, raising $10 million in senior secured debt from Mirova, an affiliate of Natixis Investment Managers. This investment will be instrumental in scaling ARC Ride’s operations, specifically funding the deployment of over 600 battery-swapping cabinets and 25,000 batteries across Kenya. This follows a previous $5 million investment from British International Investment (BII), further solidifying ARC Ride’s position as a key player in the African electric vehicle landscape.
Powering a Cleaner Transport Future
The funding will enable ARC Ride to significantly expand its network of battery swapping stations, making electric mobility more accessible and convenient for Kenyan consumers. CEO Joseph Hurst-Croft emphasized the importance of the partnership with Mirova, stating that it represents a “major milestone” in the company’s mission to deliver affordable and sustainable e-mobility solutions across Africa. He further added that the investment not only allows for scaling operations in Kenya, but also establishes a foundation for a cleaner transport future across the broader African continent.
ARC Ride’s success highlights the growing demand for sustainable and affordable transportation solutions in Africa. By providing reliable and clean e-mobility options, ARC Ride is addressing a critical need in rapidly developing Kenyan cities and paving the way for wider adoption of electric vehicles across the continent. The company’s innovative approach to battery swapping tackles range anxiety, a major barrier to EV adoption, and offers a compelling alternative to traditional fuel-based transportation.
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