Rwanda-based Ampersand, a leading electric transport energy company, has successfully secured an additional $2 million in a Series A extension. This latest round of funding was backed by AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures, bringing the total capital raised in the past year to $21.5 million. The funding marks a significant milestone in Ampersand's mission to expand its innovative electric mobility solutions across East Africa.

Ampersand's Expansion and Impact

Founded in 2016 by Josh Whale, Ampersand has positioned itself as a pioneer in the African e-mobility sector, particularly in Rwanda and Kenya. The company's electric motorcycles, known for being 45% cheaper to operate than traditional petrol motorcycles, offer a cost-effective and environmentally friendly alternative. Producing at least 75% fewer carbon emissions, these motorcycles represent a critical step towards reducing the region's carbon footprint while providing an economically viable option for the millions of people who rely on motorcycle taxis and delivery services, commonly referred to as "boda bodas."

Investor Confidence and Strategic Growth

The additional $2 million investment, ahead of Ampersand's anticipated Series B round, reflects strong investor confidence in the company's business model and its potential to scale. According to CEO Josh Whale, the funding will be instrumental in accelerating the rollout of Ampersand's EV energy technology and infrastructure to the mass market. This expansion is seen as vital to the company’s goal of deploying five million electric motorcycles by 2033, a target that aligns with the broader mission of electrifying transport, cutting carbon emissions, and driving clean economic prosperity in Africa.

Technological Innovation and Strategic Partnerships

Ampersand's fleet, equipped with AI-powered smart battery technology, covers three million kilometers weekly across Kigali and Nairobi, facilitating over 75,000 battery swaps at multiple stations with a 30-second turnaround for live battery data capture. This technology ensures efficiency and sustainability in the transportation sector.

In a significant move towards enhancing electric motorbike development and deployment in Africa, Ampersand signed an agreement in June 2024 with Chinese EV giant BYD. This partnership aims to build approximately 40,000 electric motorcycles by the end of 2026. Additionally, Ampersand is spearheading a public-private partnership to construct a modern expressway between Nairobi and Mombasa, designed to integrate electric vehicles seamlessly into the transport network.

Market Position and Future Outlook

Ampersand's recent achievements underscore its growing influence in Africa's electric vehicle market, where countries like Nigeria, Kenya, Egypt, and South Africa dominate. With competitors such as BasicGo, Roam, and Spiro leading the African startup funding landscape, Ampersand faces a competitive environment. However, with strategic investments like the $1 million from Everstrong Capital, the company is well-positioned to advance the adoption of e-mobility in Africa and continue its trajectory of growth and innovation.

Ampersand's latest funding round represents more than just financial backing; it signifies a vote of confidence in the company’s vision for the future of transportation in Africa. As the company continues to expand its reach and impact, it is poised to play a crucial role in the continent’s shift towards sustainable, electric mobility. With ambitious goals and strong investor support, Ampersand is set to take charge of transforming Africa’s transportation landscape.