Zembo speeds up electric mobility in Uganda
CPCS secures $3.4 million in funding for electric motorcycle startup Zembo.
Zembo sells and leases motorbike-taxis called “boda boda”, a popular mode of public transport in Uganda and a key source of income for drivers.
With this money, Zembo plans to grow its fleet from 200 up to 2,000 electric motorcycles and add more than 60 new solar-powered stations to the existing 13 across Kampala for taxi drivers to recharge or swap their bikes’ batteries.
CPCS led the multi-million dollar agreement, from due diligence to providing comfort and risk-mitigation strategies for all equity partners to invest in this sustainable mobility solution as Uganda’s air quality is one of the worst in Africa. The three equity partners are InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), DOB Equity and Mobility 54. All three companies are dedicated to investing in impactful companies and projects to solve social and industrial challenges in Africa.
“Zembo is an exemplary case pioneering a sustainable business model and doing its part to cut greenhouse gas emissions,” says Amit Modi, infrastructure development expert at CPCS.
Zembo’s great story and leadership to cut air pollution can only drive more African companies to replicate the company’s model.
Sustained growth for Zembo
“Because CPCS is well established in Africa, it was easier to call on our network of project developers and local entrepreneurs to secure this first of a kind deal for Zembo,” says Amit. “We look forward to supporting Zembo and the group of investors through the next phase of growth and have another CPCS-originated deal come to financial close.”
About Zembo: Zembo sells and leases affordable electric motorcycle taxis called “boda boda”, a prominent method of transportation in Uganda and significant contributor the country’s economy. The company’s mission is to improve incomes for Uganda’s boda boda riders while cutting air pollution.
Amit Modi is an infrastructure expert at CPCS, a global infrastructure management consulting firm specializing in transport, power and public-private partnerships.
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