ARC Ride has secured $10 million in senior secured debt financing from Mirova, an affiliate of Natixis Investment Managers, to accelerate its expansion of electric mobility solutions in Kenya. The funding will enable the deployment of over 600 battery-swapping cabinets and 25,000 batteries, reinforcing ARC Ride’s commitment to scaling sustainable transport infrastructure across Africa. This new capital follows a $5 million investment from British International Investment (BII), highlighting growing global support for clean and affordable mobility solutions in emerging markets.
The company’s CEO, Joseph Hurst-Croft, emphasized that the partnership with Mirova represents a significant milestone in ARC Ride’s mission to make electric mobility both accessible and sustainable. Beyond scaling operations in Kenya, this investment lays the foundation for a cleaner transport future across wider regions of Africa. The initiative reflects a broader industry shift, as Africa responds to rising fuel prices, rapid urbanization, and consumer demand for environmentally friendly alternatives.
The African EV market is poised for strong growth, with forecasts projecting a compounded annual growth rate (CAGR) of over 10.6% between 2025 and 2029. This momentum is being driven by falling technology costs, supportive government incentives, and increasing awareness of the environmental and economic benefits of electric vehicles. ARC Ride’s expansion strategy taps directly into this transformative market, positioning the company as a leader in the continent’s urban mobility revolution.
Equally important, ARC Ride’s business model delivers aligned impact goals. Each electric motorcycle deployed is expected to reduce 2 tonnes of CO₂ emissions annually, contributing to climate action by replacing internal combustion engine (ICE) vehicles. Additionally, the model supports low-income motorcycle riders—often gig workers—by reducing fuel and maintenance costs, thereby improving livelihoods and fostering inclusive economic growth. This alignment with SDG 13 (Climate Action) and SDG 8 (Decent Work and Economic Growth) underscores the dual environmental and social impact of ARC Ride’s mission.
Mirova’s Deputy Head of Emerging Market Energy Transition, Rim Azirar, highlighted that the investment reflects Mirova’s commitment to backing innovative climate solutions with scalable impact in emerging markets. By combining clean technology with inclusive opportunities for riders, ARC Ride is redefining urban mobility in Africa. With strong partnerships and proven execution, the company is well-positioned to expand its footprint and drive a new era of sustainable transport across the continent.
