A Nigerian startup backed by private equity firm Lightrock LLP plans to deploy electric vehicles in around eight African countries by next year as demand increases for low-emission transport investments. Metro Africa Xpress raised $31 million last year to develop an electric vehicle market on the continent.
It is a difficult task due to the chronic shortage of electricity in the region. The company plans to enter countries such as Egypt, Cameroon and Uganda by 2023, compared to only Nigeria and Ghana currently, according to chief executive Adetayo Bamiduro. The investment will take the company’s car count to 100,000 by next year, up from 8,000 currently, with the percentage of electric vehicles rising from 4% to 20%.
The company aims to have a fleet entirely made up of electric vehicles within the next 10 to 15 years. Max has partnerships with vehicle manufacturers such as Yamaha Corp and ride-sharing platform Bolt Technology as well as financial services companies to connect cars to drivers.
