23 May, 2024 Member article

ElectriFI Invests in Ugandan e-mobility pioneer GOGO Electric, accelerating green transportation and job creation

ARE Member EDFI 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,” – 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.

 “At Watu, we believe in the power of sustainable mobility to transform lives and communities. This collaboration marks a significant milestone in our mission to enhance mobility across Africa, making green transportation accessible and affordable.” – Andris Kaneps, founder and CEO of Watu

ElectriFI’s investment in GOGO Electric will serve as a catalyst to increase battery assembly and faster distribution of electric motorcycles and battery swapping services throughout Uganda. The project is expected to generate a substantial number of local jobs in both manufacturing and after-sales services associated with e-motorcycles. This will empower local communities and contribute to Uganda’s overall development. The large-scale adoption of electric motorcycles will lead to a significant reduction in greenhouse gas emissions and air pollution, fostering a cleaner and healthier environment for Ugandans.

This with GOGO Electric perfectly aligns with EDFI MC’s mission to invest in early-stage ventures that unlock transformative potential,” says Rodrigo Madrazo, Chief Executive Officer of EDFI MC. “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.

This partnership between EDFI MC and GOGO Electric promotes sustainable e-mobility solutions and paves the way for a greener, more prosperous future for Uganda.