UGANDA – GOGO Electric, previously known as Bodawerk, has successfully secured a US$1.6 million investment from ElectriFI, a European Union-funded Electrification Financing Initiative, to accelerate green transportation and promote job creation.
This marks ElectriFI’s first foray into the e-mobility sector, highlighting its commitment to supporting innovative solutions that address climate challenges and foster economic growth in developing countries.
Founded in 2017, GOGO Electric is active across the entire e-mobility value chain, including local assembly of batteries and electric motorcycles and establishing a battery swapping network.
The company is on its way to establishing the continent’s first semi-automated Lithium-Ion battery factory with a projected annual capacity of 60,000 units.
This initiative is poised to enhance self-sufficiency and reduce dependency on external suppliers. Recognizing the ubiquitous role of motorcycle taxis (boda bodas) in Uganda, GOGO Electric is introducing a clean, sustainable alternative to conventional fuel-powered vehicles.
The company has set up a robust battery-swapping network to facilitate the smooth adoption of e-motorcycles, thereby eliminating range anxiety for drivers.
Jakob Hornbach, founder and CEO of GOGO Electric, expressed his gratitude for ElectriFI’s support, stating, “This investment significantly validates our vision to revolutionize Uganda’s transportation sector with sustainable e-mobility solutions.
“With this crucial backing, we are well-positioned to accelerate our mission and mainstream electric motorcycles for Ugandan users.”
In addition to ElectriFI’s financing, EDFI MC collaborates with Watu, Africa’s leading asset financing company, to strengthen the e-mobility ecosystem.
Active in seven countries, Watu is dedicated to building support systems for unbanked and underserved populations by providing access to tools that enhance connectivity, digital literacy, economic growth, and quality of life.
In Uganda, Watu has made a significant equity investment in GOGO and has financed over 1,000 electric motorcycles, boosting the uptake of sustainable transport solutions.
Andris Kaneps, founder and CEO of Watu, commented on the collaboration: “At Watu, we are committed to the transformative power of sustainable mobility to improve lives and communities.
“This partnership marks a key milestone in our mission to enhance mobility across Africa, making green transportation accessible and affordable.”
The ElectriFI investment in GOGO Electric is expected to expedite the assembly of batteries, the distribution of electric motorcycles, and battery swapping services across Uganda.
The initiative is anticipated to create many local jobs in manufacturing and after-sales services related to e-motorcycles, thus empowering local communities and contributing to Uganda’s development.
The widespread adoption of electric motorcycles will significantly reduce greenhouse gas emissions and air pollution, fostering a cleaner and healthier environment for the Ugandan people.
Rodrigo Madrazo, CEO of EDFI MC, remarked on the investment: “Our collaboration with GOGO Electric aligns perfectly with EDFI MC’s mission to invest in early-stage ventures that unlock transformative potential.
“We are confident that GOGO Electric’s innovative approach to e-mobility will serve as a model for the entire continent, paving the way for a cleaner and more sustainable transportation landscape.”
This partnership between EDFI MC and GOGO Electric promotes sustainable e-mobility solutions and paves the way for Uganda’s greener and more prosperous future.
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