Kenyan-based electric mobility company, Roam, is set to reshape transportation in Africa with a substantial injection of $24 million in equity and debt funding. The U.S. Government, through the International Development Finance Corporation (DFC), has also pledged up to $10 million in debt facilities for Roam.
This funding milestone propels Roam’s mission to design, develop, and deploy electric motorcycles and buses tailored for millions of African consumers. Additionally, Roam’s disruptive approach in the Kenyan electric motorcycle market includes offering riders flexibility and battery ownership, allowing them to charge at standard household outlets and significantly reduce operational costs while extending travel distances.
Support structures for easy mobility
Innovative strategies like Roam Hub stations, multifunctional electric motorcycle charging stations providing after-sales services and the option to rent additional batteries, are enhancing the utility of Roam’s motorcycles. As such, the durability, affordability, and sustainability of Roam’s vehicles position them as a practical alternative to traditional petrol-powered options.
James Polan, Vice President of the Office of Development Credit at DFC, highlighted their support for initiatives aligning with innovation and sustainability. Seconding this was Nijhad Jamal, Partner at Equator, emphasizing their commitment to efficient and sustainable mobility, and expressing pride in providing catalytic funding for Roam’s transformative electric mobility platform.
Impact on the environment
Roam’s CFO, Rajal Upadhyaya, expressed gratitude for the investor support and acknowledged the impact on the environment and livelihoods across Kenya and the wider continent. The funds will be strategically invested in expanding local manufacturing capabilities in Kenya, scaling up production at the new Roam Park facility, research for cost efficiencies, and optimizing supply chain networks.
Roam’s focus on innovative design, local engineering, and leveraging locally sourced parts aligns with its long-term goal of transitioning Africa’s transport sector to effective and affordable electric vehicles. The company has already made significant strides, capturing or mitigating over 120,000 tonnes of carbon emissions, marking a substantial achievement in its commitment to innovative electric transport solutions.