Mirova Invests USD 10 M In Kenyan E-Mobility Startup Arc Ride

Paris-based sustainable investment manager Mirova has committed up to USD 10 M in debt financing to Kenyan electric mobility startup Arc Ride. This marks the first African electric vehicle investment for Mirova’s USD 282 M Gigaton Fund, aimed at scaling Arc Ride’s battery-swapping network for motorcycles in Kenya.

The five-year senior secured loan will support the deployment of 600+ battery-swapping cabinets and 25,000 batteries across the country. Arc Ride’s Battery-as-a-Service model allows motorcycle taxi riders (“boda boda”) to swap batteries in minutes, reducing fuel costs and carbon emissions.