ARC Ride has raised $10 million from Mirova, an affiliate of Natixis Investment Managers, in senior secured debt that will be used to fund over 600 battery-swapping cabinets and 25,000 batteries.
This follows the $5 million financing from British International Investment (BII), the UK’s development finance institution and impact investor to provide affordable, reliable and clean e-mobility solutions for rapidly developing cities in Kenya.
According to Joseph Hurst-Croft, CEO at ARC Ride: “This partnership with Mirova marks a major milestone in our mission to make electric mobility accessible, affordable, and sustainable across Africa. With Mirova’s support, we’re not only scaling our operations in Kenya, we are laying the groundwork for a cleaner transport future across wider regions in Africa.”
A growing market with transformative potential
The rise of electric vehicles (EVs) in Africa responds to the growing need for sustainable and affordable transport, as consumers seek alternatives to gasoline-powered vehicles amid rising fuel prices. With rapid urbanization and falling technology costs, the African EV market is poised for strong compounded annual growth rate (CAGR) of over 10.6% from 2025 to 20292. This momentum is driven by government incentives and increasing demand for clean mobility, making Africa an attractive destination for EV investment.
Delivering aligned impact goals
ARC Rides’ electric mobility strategy aligns with two UN Sustainable Development Goals: SDG 13 – Climate Action and SDG 8 – Decent Work and Economic₂ Growth. Each electric motorcycle deployed is estimated to reduce 2 tonnes of CO emissions annually, replacing internal combustion engine (ICE) models and promoting clean energy in transport. In Kenya, motorcycle riders—often low-income gig workers—benefit from lower operating costs, with savings on fuel and maintenance, contributing to both environmental and economic impact.
Rim Azirar, Deputy Head of Emerging Market Energy Transition at Mirova, adds: “This investment reflects Mirova’s mission to support innovative, high-impact climate solutions in emerging markets. ARC Ride is redefining urban mobility in Africa through a scalable model that reduces emissions and improves livelihoods. We’re proud to support their journey.”
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