Kenyan e-mobility startup Arc Ride has secured $10 million in debt financing from Mirova, a Paris-based sustainable investment manager, to expand its battery-swapping network for electric motorcycles. This marks the first time Mirova’s $282 million Gigaton Fund has invested in Africa’s electric vehicle sector, highlighting the growing demand for two-wheelers on the continent.
For Mirova, which manages €33 billion in assets, this deal is more than just another investment. It represents a strategic entry into a market expected to grow by over 10% annually through 2029, with boda bodas—motorcycle taxis that are the lifeblood of Nairobi’s transport system—playing a central role. The financing is structured as a five-year senior secured loan, and Arc Ride plans to deploy 600 battery-swapping cabinets and 25,000 batteries across Kenya.
Arc Ride’s CEO, Joseph Hurst-Croft, described the partnership as a “major milestone” in the company’s mission to make electric vehicles more accessible and sustainable. This development follows a $5 million funding round in May 2025, aimed at expanding the company’s electric motorbike fleet in Kenya.
The company’s Battery-as-a-Service (BaaS) model enables riders to swap a depleted battery for a fully charged one in minutes, reducing fuel costs and addressing the range anxiety often associated with electric vehicle adoption.
For Kenya’s boda boda riders, many of whom are gig workers facing fluctuating fuel prices, this could be a transformative shift. Transitioning to electric motorcycles eliminates fuel costs and reduces upfront ownership expenses, while also providing environmental benefits. Each electric motorcycle is estimated to cut about two tonnes of CO₂ emissions annually compared to its petrol counterpart.
Mirova explained that the deal is structured using blended finance to mitigate investment risk and attract further private capital in the future. The firm’s local presence in Nairobi also played a key role in sourcing and structuring the investment. “Arc Ride is redefining urban mobility in Africa,” said Rim Azirar, Deputy Head of Emerging Market Energy Transition at Mirova.
