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Private Infrastructure Development Group (PIDG) company InfraCo Africa, together with a consortium including Dutch private equity firm DOB Equity and Toyota Tsusho’s VC facility Mobility 54, has signed an agreement with Zembo, together committing over $3,4 million to support the growth of the company’s electric motorcycle business in Kampala, Uganda.
Zembo uses a battery swap system to keep its fleet of electric motorcycle taxis moving
This funding is expected to support Zembo’s growth and embed high standards of health and safety and business development to enable the company to scale and attract further private sector investment in the future. As part of global efforts to achieve net zero emissions, Zembo’s model has considerable potential for replication in other African cities.
“Zembo is offering a low-emission and cheaper transport solution to meet the growing demand for urban transportation,” says DOB Equity co-CEO Saskia van der Mast. “With an ambition to invest more in Uganda as well as in companies with a strong environmental angle, DOB is excited to partner with Zembo and work together with InfraCo Africa and Mobility 54 to scale the electric mobility industry on the continent.”
The company will now be able to realise its goal to grow the number of electric motorcycles on the road by approximately 2 000 and development of additional charging and battery swapping stations across the city. Uganda’s national grid is fueled by 92% renewable energy and these additional off-grid, solar PV charging stations will help ensure that Zembo vehicles are truly reducing emissions.
“We’re excited to partner with impact-focused institutions like InfraCo Africa, DOB Equity, and Mobility 54 to continue developing electric boda bodas (motorcycle taxis) and charging stations for our customers,” said Zembo co-founder Étienne Saint-Sernin in a media statement. “Zembo’s mission to improve incomes for Uganda’s boda boda riders while cutting air pollution is shared by our supporters and is a driving force for this partnership. We look forward to continuing to serve our customers and making sustainable mobility a reality in Uganda.”
Featured image supplied by Zembo.