Ampersand is charging ahead, backed by fresh funding to scale clean mobility across East Africa. The pioneering electric vehicle (EV) energy tech company has closed a significant investment round to accelerate the rollout of its electric motorcycle and battery swap network.
With new backing from global investors and climate-focused funds, Ampersand is set to double its battery fleet by 2026, powering tens of thousands of emission-free rides daily.
This landmark investment, announced recently, includes a substantial working capital facility from British International Investment (BII), alongside equity contributions from Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, Raspberry Syndicate, and increased commitments from existing partners like Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF, and TotalEnergies.
Built for African roads and riders, Ampersand’s ecosystem is transforming how people move, delivering cost savings for drivers, slashing carbon emissions, and proving that the future of transport in emerging markets is electric, scalable, and homegrown.
Redefining Motorcycle Taxis with Electric Mobility
In East Africa, motorcycle taxis, locally known as boda bodas, are a vital mode of transport, serving an estimated 100 million people daily.
With the phasing out of fuel subsidies, riders face escalating costs, making Ampersand’s electric motorcycles a game-changer.
These vehicles are 45% cheaper to operate than petrol-powered alternatives and reduce carbon emissions by at least 75%, offering both economic and environmental benefits.
Ampersand’s innovative Battery-as-a-Service model addresses key barriers to EV adoption. By combining proprietary battery packs, AI-enabled smart battery technology, and a network of rapid battery-swapping stations, the company eliminates high upfront battery costs and grid charging delays.
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Riders can swap depleted batteries for fully charged ones in minutes, ensuring seamless operations. Currently, Ampersand facilitates over 20,000 battery swaps daily, powering more than 6,000 electric motorcycles that cover nearly 900,000 kilometres each day.
By early 2026, the company aims to double its battery fleet to support 13,000 motorcycles and deliver 35,000 daily battery swaps.
A Milestone in Funding and Investor Confidence
The latest funding round, which builds on a previous $19.5 million raise in January 2024, brings Ampersand’s total funding over the past 12 months to $21.5 million, comprising $14 million in equity and $7.5 million in debt.
This includes a recent $2 million equity injection from AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures, ahead of an upcoming Series B round.
The blended finance structure, with equity investments enabling BII’s catalytic junior debt, has attracted additional local and international lenders, signalling strong investor confidence in Ampersand’s scalable business model.
Driving Economic and Environmental Impact
Ampersand’s electric motorcycles not only reduce emissions by over 90% compared to petrol bikes but also double riders’ take-home earnings by cutting fuel costs.
With 99% of batteries remaining active after 18 months and a customer revenue retention rate exceeding 100%, Ampersand’s technology demonstrates unmatched reliability and customer satisfaction.
The company’s partnerships with seven motorcycle brands and a recent agreement with BYD to enhance battery production further solidify its position as a leader in the African e-mobility sector.
Rwanda and Kenya, Ampersand’s primary markets, are emerging as hubs for EV innovation due to favourable policies.
Rwanda offers zero import duties on electric vehicles and rent-free charging stations, while Kenya’s National E-mobility Policy promotes local battery manufacturing and recycling.
These conditions have spurred investment in companies like Ampersand, BasiGo, and Roam, with Africa’s motorcycle market projected to reach $4.87 billion by the end of 2024.
A Vision for Sustainable Growth
Ampersand’s operational excellence is evident in its market dominance, outselling competitors 9:1 in Kigali and 4:1 in Nairobi.
The company’s focus on customer-centric design and robust technology has enabled it to achieve profitability in Kenya while continuing to scale in Rwanda.
Investors like Seema Dhanani, BII’s Regional Director for East Africa, praise Ampersand’s ability to deliver “climate innovation that supports livelihoods and reduces emissions.”
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Looking Ahead: A Cleaner, More Prosperous Future
With this landmark funding, Ampersand is destined to reshape East Africa’s mobility sector. By expanding its fleet and infrastructure, the company aims to make electric transport accessible to millions, reducing reliance on costly fuel imports and fostering green jobs.
As Ampersand prepares for its Series B round, its vision of deploying 5 million electric motorcycles by 2033 highlights its commitment to driving clean economic prosperity across the continent.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
