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Zembo Receives A $3.4 Million Investment To Expand Its Electric Motorcycle Business In Uganda

Artificial Intelligence, Machine learning. 

Zembo receives a $3.4 million investment to expand its electric motorcycle business in Uganda

An investment grant of $3.4 million has been awarded to Zembo, a Ugandan start-up that specializes in electric mobility. The grant will be used to expand the company's electric motorcycle business in Kampala, Uganda.

Investments were made in the company by InfraCo Africa, a private infrastructure development group (PIDG), and by a consortium led by Dutch private equity firm DOB Equity and Toyota Tsusho's venture capital facility, Mobility 54.

Africa's motorcycle riders have the opportunity to purchase low-cost electric motorcycles from the company. The bikes are recharged at solar-powered battery swapping stations.

The investment will allow the company to more than double the number of electric motorcycles on the road while also expanding its network of charging and battery swapping stations across the metropolis.

Vehicles can be purchased outright or leased outright under a lease-to-own contract.

A number of start-ups in African countries are working on developing e-mobility solutions as a more environmentally friendly mode of transportation. Zembo Storm motorcycles is one of these companies.

As part of the global effort to achieve net zero emissions, the company believes that its concept has significant potential for replication in other African cities, which would be a significant step forward.

Aside from that, this new funding source will assist Zembo in expanding and establishing high standards of health and safety and business development, while also enabling the company to scale and attract additional private sector investment in the future.

Since its founding by Daniel Dreher and Étienne Saint-Sernin in 2018, Zembo has sold or leased 200 electric "boda boda" motorcycle taxis in Kampala, a figure that has increased significantly in recent years. It also has twenty charging stations and performs 10,000 battery exchanges per month, which is a significant amount.

In order to make electric mobility more affordable for drivers and passengers, Zembo has developed a business model based on the pay-as-you-go (PayGo) model used in the African solar industry.

By the middle of 2023, the Zembo Electric Motorcycles project will have made approximately 2,000 electric motorcycles available for purchase or lease, with further development planned in the following years.

'We're delighted to be partnering with impact-focused institutions such as InfraCo Africa, DOB Equity, and Mobility 54 to continue developing electric boda bodas (motorcycle taxis) and charging stations for our consumers,' Zembo co-founder Étienne Saint-Sernin said in a statement to the media. "We're pleased to partner with impact-focused institutions such as InfraCo Africa," Saint-Sernin added.

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