Mirova, a Paris-based investment manager focused on sustainability, has made a notable move in the electric mobility sector by investing $10 million in ARC Ride, a Kenyan company. This investment is part of Mirova's broader $282 million Gigaton Fund, which targets climate-focused opportunities in emerging markets. The material points to an encouraging trend: increased investment in sustainable technologies is becoming a priority for major financial players.
Expansion of Battery-Swapping Infrastructure
The funding will facilitate the expansion of ARC Ride's battery-swapping infrastructure for electric motorbikes in urban areas across Kenya. The initiative includes the deployment of over 600 battery-swapping cabinets and the distribution of 25,000 batteries nationwide, aimed at providing boda boda motorcycle riders with affordable access to electric vehicles.
Innovative Battery-as-a-Service Model
ARC Ride's innovative Battery-as-a-Service (BaaS) model allows riders to quickly exchange depleted batteries for fully charged ones, significantly lowering operating costs and eliminating the need for traditional fuel. CEO Joseph Hurst-Croft emphasized that this partnership represents a significant step towards making electric mobility accessible and sustainable throughout Africa.
Impact on Riders and Environment
With the expansion, ARC Ride is set to serve over 100,000 riders in key cities such as Nairobi, Mombasa, and Kisumu. Each electric motorcycle is projected to reduce CO2 emissions by approximately two tonnes annually, contributing to an overall reduction of around 50,000 tonnes of CO2 per year. For local boda boda operators, this shift to electric mobility is expected to yield daily fuel savings of $12 and up to 40% in annual maintenance costs. This showcases the potential for sustainable transport solutions in African urban centers.
Currently, as the focus on renewable energy intensifies, Siemens' recent innovations in this sector are complemented by Porsche's advancements in electric vehicle technology. This synergy not only highlights the importance of energy efficiency but also underscores the growing investment opportunities in these key sectors. For more details on Porsche's groundbreaking wireless charging system for the Cayenne Electric, check out the full story here.
