Arc Ride Secures $10 Million in Funding to Expand Electric Motorcycle Battery-Swapping Network Across Kenya
- Arc Ride secured $10 million in debt financing from Mirova to expand its battery-swapping network.
- This investment marks Mirova's first entry into Africa's electric vehicle sector.
- The financing is structured as a five-year senior secured loan.
The investment in Arc Ride signifies a pivotal moment for electric mobility in Africa, particularly in urban settings like Nairobi. The focus on sustainable solutions for boda boda riders not only addresses economic challenges but also contributes to environmental goals. Further discussions could explore the scalability of such models across other African cities and the potential impact on local economies.
