The motorcycle sector is now the largest vehicle segment in Kenya. The number of motorcycles registered in 2021 was more than 1.5 times the number of motorcycles registered in 2018! That’s impressive growth over the past 6 years. Motorcycle-taxi drivers, the largest segment of motorcycle users in the country, are constantly faced with soaring operations and maintenance costs for internal combustion engine motorcycles, leaving them with very little in the way. terms of income and savings.
Electric motorcycles present an opportunity to reduce these costs and therefore increase revenues and savings for players in the motorcycle industry. The motorcycle industry in Kenya is ripe for electrification.
The motorcycle sector is now attracting a lot of attention from startups and investors in the tech, automotive and fintech sectors. There are now over 15 startups interested in energy as a service (battery swap companies) as well as motorcycle assembly in Kenya. One of the leaders is STIMA. STIMA is a battery-swapping technology company that aims at the large-scale deployment of practical battery-swapping infrastructure for electric motorcycles. STIMA estimates that there are around 20 million two-wheelers on African roads today. STIMA and India’s leading electric motorcycle manufacturer OneElectric recently announced their partnership to deploy 3,000 plug-in electric motorcycles in Kenya in a first phase. Subsequently, the joint venture will expand to other African countries.
STIMA has now signed a new partnership with Kenyan vehicle financier Mogo, part of the Eleving Group, and ride-sharing company Bolt, to increase the wide spread of electric motorcycles in Kenya. STIMA will bring motorcycles and battery swapping infrastructure to the partnership while Mogo, which already has more than 50,000 active lease-to-own agreements with motorcyclists, will support lease-to-own plans for riders adopting electric powered motorcycles. by STIMA. Bolt will promote electric motorcycles to the fleet of 4,000 riders currently using the Bolt food delivery app, in a bid to switch its food delivery fleet to electric. The partnership aims to provide the Kenyan market with a complete transportation solution through lease-purchase asset financing, battery swap technology and mass transit.
Here are some quotes from the directors speaking about this new partnership:
Jason Gras, co-founder and CEO of STIMA, said, “The partnership with Mogo and Bolt contributes to STIMA’s ambitious goal: to spread the adoption of electric mobility in Kenya and East Africa. Leveraging STIMA’s battery-swap technology, Mogo’s Tier 1 asset financing, and Bolt’s heritage in transportation, this partnership will put more electric motorcycles on the road.
Modestas Sudnius, CEO of Eleving Group, adds: “The future of mobility will be electric. The first steps in educating people about climate-friendly and sustainable decisions must be taken today, and this is part of the Group’s medium and long-term strategy. We want to be present in Kenya with innovative products and productive loans. For us, this project contributes to fulfilling our strategic objectives in the area of ESG, where we are committed to increasing the number of emission-free vehicles in our portfolio and reducing the resulting carbon footprint. For our customers, this project will save money on fuel and maintenance costs. For society in the long term, this will improve the ecological aspects of cities, such as air quality and reduced noise levels.
“Bolt Food is thrilled to partner with STIMA on this initiative as it reinforces our commitment to helping couriers earn more while encouraging sustainable modes of transportation. Thanks to STIMA, couriers will buy electric motorcycles, which will allow them to save costs because they are less expensive in terms of consumption and maintenance. Through Mogo, they will have access to financing, which alleviates the challenge posed by the initial cost of acquiring e-bikes. Electric motorcycles will be added to our existing greener transport options on our platform, including electric tuk-tuks and electric bicycles. Bolt Food is committed to providing viable economic opportunities to all of its courier partners and enhancing customer experience through affordable, reliable and sustainable services,” said Edgar K Kitur, Country Manager, Bolt Food.
Kenya has a great opportunity to lead the electric motorcycle industry on the continent. Kenya’s grid is mostly powered by renewables such as geothermal, wind, hydro, and some large-scale solar. These electric motorcycles will be recharged with very clean electricity.
Image by STIMA
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