Electric motorcycle maker Ampersand raises $2 million to expand in East Africa

 

Ampersand, a Rwandan electric motorcycle manufacturer, has raised a $2 million Series A extension to expand to other East African countries. It brings the company’s total funding to $21.5 million.

The funding saw a mixture of new and existing investors including AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor constructing the Usahihi toll road connecting Kenya’s capital Nairobi and the port city of Mombasa. Beyond Capital Ventures has reinvested in a follow-up to its Series A equity commitment.

“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033,” said Josh Whale, Ampersand CEO.

Founded in 2016 by Joshua Whale, the Kigali-based firm assembles and finances electric motorcycles. Ampersand claims that its motorcycles are 45% cheaper to operate and produce 75% fewer emissions than petrol alternatives, which currently dominate the market. The company also owns 18 charging stations in Kigali and Nairobi. 

The funding shows a growing appetite among investors for renewable energy and e-mobility investments. Africa has an estimated $4.87 billion motorcycle market, according to Statista, a data and market insight firm.

The new funding comes ahead of a Series B round to help the company ramp up its production in Kigali and Nairobi.

“As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent,” Whale said.

In June 2024, Ampersand struck a deal with Chinese electric vehicle and battery manufacturer BYD to build 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026. 

NNPC Seeks Private Firms to Manage Warri and Kaduna Refineries

 

The Nigerian National Petroleum Company Limited (NNPC) is seeking reputable Operations and maintenance firms to manage Warri and Kaduna refineries.

The oil company announced this in a statement on Friday on its official X handle.

The Warri refinery located at Warri in Delta State was commissioned in 1978. It is a complex conversion refinery with a nameplate distillation capacity of 125,000 barrels per day (bpd).

The refinery complex includes a petrochemical plant commissioned in 1988 with production capacities of 13,000 million tons per annum (MTA) of polypropylene and 18,000 MTA of carbon black. The refinery is meant to supply markets in the South and South-West regions of Nigeria.

On its part, the Kaduna refinery was commissioned in 1980 to supply petroleum products to Northern Nigeria with a capacity of 50,000 bpd.

In 1983, the capacity was expanded to 100,000 bpd by adding a second 50,000 bpd crude train dedicated to the production of lubricating oils (lubes).

In 1986, the capacity of the first crude train was expanded to 60,000 bpd. The expansions have increased the current nameplate capacity of the refinery to 110,000 bpd.