Zero Carbon channels $513 million into EV charging

• The network will include 17 sites for passenger and light commercial vehicles and 14 dedicated truck battery-swapping stations.

• Each site will be equipped with solar panels, battery storage systems and rest stops, with the first site expected to be operational by April 2026.

• Our take: Early entrants have proven there is money in EV charging… Read more (2 min)

Fundraising frenzy in Africa's mobility sector

• The East Africa region is seeking the most funding, at $6.42 million, and West Africa the least, at $0.656 million. South Africa comes second despite only having one company raising funds. 

• Two of the top three companies raising the most money are in Kenya: Maramoja, raising $2.1 million, and Fika Mobility, raising $1 million.

• Our take: Expect to see significant growth in EV adoption… Read more (2 min)

It costs 50% in annual interest to buy EVs on credit

• Downpayments are generally around 10% of the cash purchase price. This makes the motorbikes very accessible for low-income riders. The most common downpayment is KES 25,000 ($192).

• Given the hand-to-mouth nature of most riders’ earnings, payments are calculated and made on a daily basis. A common daily payment is $4. 

• Our take: We expect rates to fall over time as more bike makers offer their own financing solutions… Read more (2 min)

• South Africa’s EV market dynamics: Ford’s decision to cancel the Mustang Mach-E amidst low EV demand underscores the challenge of scaling high-end electric vehicles in South Africa. Manufacturers such as Toyota are calling for policy and investment changes to harness Africa's mineral resources, essential for battery production. In the meantime, Tesla is capturing consumer interest—even though the cost of importing a Tesla Model 3 remains prohibitively high at $85,400, or 70% above the UK price. (Carmag, Mail&Guardian, MyBroadband)

• EV charging management software report: The global market is projected to reach $18.2 billion by 2033, growing from $1.6 billion in 2023 at a CAGR of 27.5%. In 2023, the Charging Station Management segment held over 51.9% of the market, while public charging stations captured more than 76.5%, underscoring the importance of accessible, efficient charging solutions. Asia-Pacific led the market, holding a 42.1% share, driven by strong governmental support and investment in EV infrastructure. (Market.us)

• Battery circular solutions: Qtron Industries, an electronic solutions provider in Kenya, has successfully repaired its 2,000th lithium battery. The company provides tailored solutions for both dry storage and electric mobility applications, demonstrating expertise in advanced battery technology. This achievement highlights the growing demand for battery maintenance and customization in Kenya’s e-mobility sector. (LinkedIn)