French sustainable investor Mirova has provided $10 million in senior debt to ARC Ride, Kenya’s electric mobility startup operating Africa’s first and largest automated battery-swapping network.
Why it matters
The deal marks the Mirova Gigaton Fund’s first EV investment in sub-Saharan Africa, supporting a fast-growing market as consumers seek cheaper and cleaner alternatives to petrol-powered transport.
Zoom in
- Funding will back the installation of 600 battery-swapping cabinets and 25,000 batteries across Kenya.
- Each ARC electric motorcycle is expected to cut 2 tonnes of CO₂ annually, while lowering fuel and maintenance costs for riders in the gig economy.
- The project aligns with UN SDG 13 (Climate Action) and SDG 8 (Decent Work & Economic Growth).
What they’re saying
- “ARC Ride is redefining urban mobility in Africa through a scalable model that reduces emissions and improves livelihoods,” said Rim Azirar, deputy head of emerging market energy transition at Mirova.
Between the lines
- Mirova’s Gigaton Fund, launched in 2022 with a $500M target, is focused on financing energy transition projects in emerging markets.
- Previous commitments include:
- €9.75M to a Vietnamese solar firm
- €15M to SolarAfrica (pan-African renewables)
- $20M to ManoCap Energy (Ghana)
The big picture
Africa’s EV market is forecast to grow 10.6% annually from 2025 to 2029, hitting $314M (Statista). With urbanization and government backing, investments like this signal the sector’s accelerating momentum.
Learn more about other African tech startups on Labari Insights, our data repository for tech in Africa: insights.techlabari.com
