ElectriFI Invests in Ugandan E-Mobility Pioneer GOGO Electric, Accelerating Green Transportation and Job Creation
Driving Sustainable Development and Economic Growth in Uganda
Brussels, Belgium – 16 May 2024 – ElectriFI, a EU funded Electrification Financing Initiative, managed by EDFI Management Company (EDFI MC), today announced a USD 1.6 million investment in GOGO Electric, formerly Bodawerk, the leading e-mobility company in Uganda.
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 entire 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.
“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.”
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.
Andris Kaneps, founder and CEO of Watu, commented: “At Watu, we believe in the power of sustainable mobility to transform lives and communities. This collaboration marks a significant milestone in our mission to enhance mobility across Africa, making green transportation accessible and affordable.”
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.
“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.”
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.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu.
About ElectriFI
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. For more information, visit www.electrifi.eu.
About GOGO Electric
GOGO Electric (formerly BODAWERK, founded in 2017) is the leading electric mobility provider in Uganda. GOGO Electric assembles and sells electric motorcycles (E-BODAs) – powerful, efficient e-motorcycles designed for Uganda with an extensive network of battery swapping stations. This innovative “Battery-as-a-Service” model empowers riders by reducing the costs of an EV, provides all the clean benefits of electric power and eliminates range anxiety. With over 350 employees, GOGO Electric creates green jobs, trains individuals in e-mobility skills, and actively invests in Uganda’s future workforce. GOGO Electric is now on track to sell 10,000+ electric motorcycles (E-Bodas) and transform transportation in East Africa. For more information, visit: gogo.co.com
About Watu
Since its establishment in 2015, Watu has emerged as the leading provider of asset financing for mobility and connectivity products in Africa, promoting financial inclusion across the continent. So far, Watu has provided over 1.5 million loans across 7 countries and has positively impacted the lives of more than 6 million people. In addition, Watu actively promotes financial literacy and independence, as well as increased regulatory and safety compliance. For more information, visit Watu’s website https://watuafrica.com/
Media inquiries
For EDFI Management Company:
Natasa Lakovic, n.lakovic@edfimc.eu