Kenya's ARC Ride Secures $10M from Mirova for Electric Motorcycle Battery-Swapping Expansion

Gate News message, April 15 — Paris-based sustainability investment manager Mirova has invested $10 million in Kenyan electric mobility company ARC Ride, marking the fund’s first EV investment in Africa. The funding, from Mirova’s $282 million Gigaton Fund, will enable ARC Ride to deploy over 600 battery-swapping cabinets and distribute 25,000 batteries nationwide.

ARC Ride operates a Battery-as-a-Service (BaaS) model, allowing motorcycle riders, known locally as boda bodas, to exchange depleted batteries for fully charged ones in minutes. This approach eliminates high upfront EV costs and range anxiety, making electric mobility accessible to low-income gig workers. The investment will enable ARC Ride to scale operations to serve over 100,000 riders in major cities including Nairobi, Mombasa, and Kisumu. Each electric motorcycle is projected to reduce approximately 2 tonnes of CO₂ annually, totaling roughly 50,000 tonnes of CO₂ reduction yearly. Riders are expected to save $1-2 daily on fuel and up to 40% on maintenance annually.

The deal reflects growing investor confidence in Africa’s e-mobility sector. Experts predict the African electric motorcycle market will grow at 10.6% annually through 2029. Kenya emerged as Africa’s leading funding destination in 2024, with startups raising $638 million—88% of the region’s $2.2 billion total—driven largely by a robust climate technology sector.