Rwanda-Kenya electric mobility startup Ampersand has secured a new financing package anchored by a working-capital facility from British International Investment (BII) and fresh equity from several impact-focused investors to scale its fleet to 13,000 electric motorcycles and double its battery-swap network across East Africa by early 2026.
The fresh capital will fund a rapid roll-out of battery-swap stations and charging infrastructure aimed at cutting riders’ energy costs and shrinking urban emissions.
What Was Announced
The deal combines a BII working-capital facility with equity commitments from Seedstars Africa Ventures, Gaia Impact, the Rwanda Green Fund, and Raspberry Syndicate. Existing backers, including Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF and TotalEnergies, also increased their commitments.
Ampersand says the blended structure was deliberately designed to unlock additional senior local and international financing. The announcement underscores how impact finance and development capital are now backing practical mobility solutions with proven traction in Africa.
The Numbers That Matter
Ampersand currently operates thousands of e-motorbikes across Rwanda and Kenya, supported by a fleet of batteries and swap stations. The company facilitates over 20,000 battery swaps every day, enabling drivers to cover hundreds of thousands of kilometers in total daily.
With this funding, Ampersand targets 13,000 active motorcycles and a battery fleet large enough to more than double swap capacity by early 2026. Industry reports suggest BII’s participation amounts to around USD $7 million in working capital, an anchor contribution that helped unlock the blended-finance structure.
Why Ampersand’s Model Stands Out
Ampersand is not just selling electric motorcycles. Its model revolves around Battery-as-a-Service (BaaS). Riders purchase or lease electric bikes, then access Ampersand’s battery swap network. When a battery is depleted, it is swapped in minutes for a fully charged one much faster than plugging in to charge.
This model delivers three advantages:
- Lower upfront costs riders avoid the heavy expense of owning batteries outright.
- Recurring revenues Ampersand earns steady income through energy-as-a-service fees.
- Bankable assets the swap system and batteries create a predictable financial profile that attracts lenders and investors.
These elements made the company attractive to BII and other investors, who see the combination of strong unit economics and social impact as a winning formula.
On-the-Ground Impact
For the millions of boda-boda (motorcycle taxi) drivers across East Africa, fuel is the single largest operating cost. Ampersand claims its e-motorcycles reduce that burden substantially, leaving drivers with more take-home pay at the end of each day.
The environmental impact is equally striking. Each electric bike can cut more than 90% of tailpipe emissions compared to petrol motorcycles. This directly improves urban air quality in crowded cities like Kigali and Nairobi, while also contributing to broader climate targets.
On top of that, Ampersand is creating jobs. The company has invested in battery assembly and station management within the region, supporting local employment and skills transfer. Partnerships with global suppliers, such as battery manufacturers, are also expected to strengthen the local clean-tech ecosystem.
Several factors explain why Ampersand’s expansion comes at the right time:
- Fuel prices remain volatile. Many African governments have reduced or removed subsidies, raising petrol costs and pushing riders toward cheaper alternatives.
- Urban congestion and pollution are worsening. City authorities are increasingly seeking cleaner transport solutions.
- Impact capital is expanding. Development finance institutions and climate funds are actively hunting for scalable projects that deliver both environmental and livelihood benefits.
Ampersand’s strong early metrics and ability to prove its model in Rwanda and Kenya place it at the center of these converging forces.
Also read: How Electric Tuk-Tuks Are Powering Kenya’s Clean Energy Transport Revolution
Scaling to 13,000 motorcycles and doubling a swap network in less than two years is no easy task. Ampersand faces several challenges:
- Battery supply and logistics. Ensuring enough high-quality, long-life batteries at scale is crucial.
- Infrastructure roll-out. Swap stations need to be strategically placed and consistently stocked to maintain rider trust.
- Maintenance and reliability. Battery degradation could undermine savings for drivers if not carefully managed.
- Regulatory variations. Policies differ across countries, requiring careful navigation when expanding beyond Rwanda and Kenya.
- Financing pressure. Blended finance works well now, but broader capital-market shifts could create refinancing risks.
Execution strength will determine whether Ampersand can turn this ambitious funding plan into reality.
What to Watch Next
- Station density and coverage. Ampersand’s ability to place enough swap points in high-demand locations will be critical.
- Battery costs. Falling lithium-ion prices could strengthen its economics, while supply-chain issues could create bottlenecks.
- Manufacturing partnerships. Deeper ties with global and local battery assemblers could reduce risks and boost job creation.
- Regional expansion. Success in Rwanda and Kenya will set the stage for possible moves into Uganda, Tanzania, and other key East African markets.
Also read: How Electric Tuk-Tuks Are Transforming Kenya’s Roads
Frequently Asked Questions (FAQ)
- What does Ampersand do?
Ampersand is a Rwanda-Kenya startup providing electric motorcycles and a battery-swap service. Instead of plugging in to charge, riders exchange depleted batteries for fully charged ones in minutes. - How many motorcycles does Ampersand plan to deploy?
With new funding, Ampersand plans to scale its fleet to 13,000 electric motorcycles by early 2026. - What is a battery-swap network?
It’s a system of stations where riders can quickly swap an empty battery for a charged one. This eliminates downtime and makes electric motorcycles as convenient as petrol-powered ones. - Who are Ampersand’s investors?
Key backers include British International Investment (BII), Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, Raspberry Syndicate, Ecosystem Integrity Fund, Acumen, AHL Ventures, HEHF, and TotalEnergies. - How does Ampersand benefit riders?
By lowering fuel costs, reducing downtime, and cutting maintenance needs, Ampersand helps boda-boda riders increase their take-home income. - How does it impact the environment?
Ampersand’s electric motorcycles reduce greenhouse gas emissions and improve urban air quality by replacing petrol-driven two-wheelers with clean alternatives. - Where does Ampersand operate?
The company currently operates in Rwanda and Kenya, with plans to expand across East Africa, including potential moves into Uganda and Tanzania.
