Ugandan E-Mobility Startup GOGO Electric Secures $1.6M to Advance Sustainable Transportation
What’s this about?
- GOGO Electric, formerly Bodawerk, raised $1.6 million from the EU-funded ElectriFI to enhance Uganda’s e-mobility sector with sustainable solutions, including local battery production and a battery swapping network.
- ElectriFI’s investment marks its first venture into e-mobility, emphasizing support for transformative, eco-friendly solutions that foster economic growth in developing nations.
- The funding will accelerate GOGO Electric’s mission to mainstream electric motorcycles in Uganda, create local jobs, reduce greenhouse gas emissions, and contribute to the country’s overall development.
Zoom in…
GOGO Electric, formerly Bodawerk, an e-mobility firm in Uganda has raised $1.6 million from ElectriFI, an EU-funded Electrification Financing Initiative, managed by EDFI Management Company (EDFI MC).
This investment is ElectriFI’s first venture in the e-mobility space and illustrates our dedication to supporting transformative solutions that address climate challenges and empower economic growth in developing nations.
Founded in 2017, GOGO Electric operates across the e-mobility value chain, encompassing local battery and electric motorcycle assembly and a battery swapping network. GOGO Electric is establishing the continent’s first semi-automated Lithium-Ion battery factory, boasting a potential annual capacity of 60,000 batteries – a significant step towards self-sufficiency and reduced reliance on external suppliers. Recognizing the critical role of motorcycle taxis (boda bodas) in Ugandan transportation, GOGO Electric offers a clean alternative to traditional fuel-powered vehicles. To ensure seamless e-motorcycle adoption, they have established a convenient battery swapping network, eliminating range anxiety for drivers.
With its financing, EDFI MC is joining forces with Watu, one of Africa’s leading asset financing companies. Currently active in 7 countries, Watu is building an ecosystem for unbanked and underserved individuals by providing access to connectivity and mobility tools that enhance digital literacy, economic growth and quality of life. In Uganda, Watu has significantly propelled the growth of GOGO through a substantial equity investment, while also financing over 1,000 electric motorcycles to bolster the adoption of green transportation solutions.
What they are saying…
“We are grateful for the support from ElectriFI,” says Jakob Hornbach, founder and CEO of GOGO Electric. “This investment is a tremendous validation of our vision for revolutionizing Uganda’s transportation sector with sustainable e-mobility solutions. With this crucial backing, we are now poised to accelerate our mission and make electric motorcycles a mainstream reality for Ugandans.”
“This with GOGO Electric perfectly aligns with EDFI MC’s mission to invest in early-stage ventures that unlock transformative potential,” says Rodrigo Madrazo, Chief Executive Officer of EDFI MC. “We are confident that GOGO Electric’s innovative approach to e-mobility will serve as a model for the entire continent, paving the way for a cleaner and more sustainable transportation landscape.”
The Big picture
ElectriFI’s investment in GOGO Electric will serve as a catalyst to increase battery assembly and faster distribution of electric motorcycles and battery swapping services throughout Uganda. The project is expected to generate a substantial number of local jobs in both manufacturing and after-sales services associated with e-motorcycles. This will empower local communities and contribute to Uganda’s overall development. The large-scale adoption of electric motorcycles will lead to a significant reduction in greenhouse gas emissions and air pollution, fostering a cleaner and healthier environment for Ugandans.
Bottomline
This partnership between EDFI MC and GOGO Electric promotes sustainable e-mobility solutions and paves the way for a greener, more prosperous future for Uganda.
Source: techmoran.com
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