May 16, 2024

ElectriFI Invests USD 1.6 Million in GOGO Electric, Uganda’s Leading E-Mobility Company


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.

Read Full Article via ElectriFI’s website

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