Kampala, Uganda – 8th May 2025 – The Africa Go Green Fund (AGG), managed by Cygnum Capital, has signed a Revolving Working Capital Facility with GOGO Electric (a Bodawerk brand). The facility will be used to expand GOGO’s electric motorbike production in Uganda.
Uganda’s e-mobility sector has seen strong momentum in recent years, driven by pioneering startups and growing investor interest. GOGO Electric is offering practical, scalable solutions tailored to boda-boda riders—who make up the backbone of Uganda’s urban transport economy. With local players introducing battery-as-a-service models, digital platforms, and ride-to-own financing, Uganda is fast becoming one of the most vibrant e-mobility ecosystems on the continent. AGG’s investment will enable GOGO Electric to scale its operations and play a leading role in shaping the sector’s next phase.
AGG was advised by Olaniwun Ajaji (Legal) and Ibis ESG Consulting (Environmental & Social), ensuring the investment meets the highest international standards in climate impact, social inclusion, and technological relevance.
Jakob Hornbach, CEO of GOGO Electric, said “Every day, our customers make more money by avoiding burning over 6,000 litres of fuel. This saves the government of Uganda more than $10,000 in fuel imports and generates more than 10 MWh in local, renewable electricity consumption per day. This partnership enables us to scale the production, sales and distribution of affordable electric motorcycles and expand our battery swapping network. With support from Africa Go Green and Cygnum Capital, we’re cutting emissions, improving rider incomes, and creating jobs through local manufacturing capacity.”
Laurene Aigrain, Executive Director of Africa Go Green Fund: “We are proud to support GOGO Electric in its mission of advancing sustainable transport solutions in Uganda. E-mobility holds immense potential to deliver environmental and economic benefits, particularly when tailored to local contexts. This facility marks a significant milestone in building a green transport ecosystem and promoting climate-resilient growth in East Africa.”
About GOGO Electric (a Bodawerk brand)
GOGO Electric is a Ugandan electric mobility company that manufactures and assembles electric motorcycles and lithium-ion battery packs. With over 2,500 e-motorcycles sold and Uganda’s largest battery swap network of 120+ locations, GOGO Electric is making transportation environmentally and socially sustainable. Their impact includes3,000+ tonnes of CO₂ emissions avoided annually and the creation of 360+ green jobs.
About Africa Go Green
AGG is designed to support activities that mitigate GHG emissions in Africa. The fund provides debt financing to businesses and projects across the spaces of industrial energy efficiency, green buildings, clean transport, and green appliances. AGG was established by KfW and has received funding commitments from the German Federal Ministry for Economic Cooperation and Development (“BMZ”) through KfW, in addition to funding commitments from the African Development Bank (and in its own capacity as the implementing entity for SEFA and the Clean Technology Fund (“CTF”)), the International Finance Corporation (“IFC”), Nordic Development Fund (“NDF”), British International Investment (“BII”) and Calvert Impact Capital. The fund’s current committed capital is at USD 166 million.
Source of this press release: Cygnum Capital – Africa Go Green Fund invests in GOGO Electric, an e-mobility leader in Uganda