GOGO Electric, previously known as Bodawerk, has successfully raised $1.6 million from the Electrification Financing Initiative (ElectriFI), an EU-funded program managed by the EDFI Management Company (EDFI MC). This investment marks ElectriFI’s inaugural venture into the e-mobility sector, underscoring its commitment to supporting innovative solutions that address climate change and drive economic growth in developing regions.
GOGO Electric is involved in the entire e-mobility value chain. The company is engaged in local battery and electric motorcycle assembly and has established a battery-swapping network to facilitate seamless battery swapping for electric motorcycles, alleviating range anxiety for drivers. Additionally, GOGO Electric is setting up Africa’s first semi-automated Lithium-Ion battery factory, with an annual capacity of 60,000 batteries, aiming to reduce reliance on external suppliers.
EDFI MC is partnering with Watu, a leading asset financing company active in seven African countries. Watu has significantly supported GOGO Electric through a substantial equity investment and the financing of over 1,000 electric motorcycles in Uganda. Rodrigo Madrazo, CEO of EDFI MC, commented on the partnership, saying, “This collaboration with GOGO Electric perfectly aligns with EDFI MC’s mission to invest in early-stage ventures that unlock transformative potential. We are confident that GOGO Electric’s innovative approach to e-mobility will serve as a model for the entire continent, paving the way for a cleaner and more sustainable transportation landscape.”
The investment is expected to generate numerous local jobs in manufacturing and after-sales services associated with e-motorcycles, empowering local communities. Through its collaboration with Watu, GOGO Electric is enhancing access to connectivity and mobility tools, fostering digital literacy and economic growth. The large-scale adoption of electric motorcycles will significantly reduce greenhouse gas emissions and air pollution, contributing to a cleaner environment. By offering a clean alternative to traditional fuel-powered motorcycles, GOGO Electric is addressing the critical role of motorcycle taxis (boda bodas) in Ugandan transportation.
ElectriFI’s investment will accelerate GOGO Electric’s efforts to expand battery assembly and distribution of electric motorcycles and battery swapping services across Uganda. This initiative is set to bolster Uganda’s development and enhance the quality of life for its citizens by fostering a sustainable e-mobility ecosystem. The partnership between EDFI MC and GOGO Electric represents a significant step towards promoting sustainable e-mobility solutions, paving the way for a greener and more prosperous future for Uganda and potentially the entire continent.
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