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Africa racing toward green mobility: MAUTO rides away with $5M funding at COP27

MAUTO funding

MAUTO, an African leader in electric two-wheeler mobility committed to low-carbon transport, has announced the first closing of $5 million in the voluntary carbon offset market. During the ongoing 27th iteration of the United Nations Climate Change Conference of the Parties (COP27) in Egypt, the signing of this deal marks the largest in Africa in terms of carbon credits for electric mobility.

Ambitious plans by 2030!

The funding agreement with Aera, Africa’s leading carbon credit trader, and myclimate, a Swiss nonprofit climate protection organisation committed to transparency in carbon footprint measurement, will be spread over the next three years. It will help to immediately meet the continent’s commitments to a sustainable energy transition.

The contract covers the reduction of emissions generated by MAUTO, which plans to deploy over 2 million electric motorbikes in Africa by 2030. MAUTO has been present in Benin and Togo for four months now with 2,700 electric motorbikes on the road. The brand will be rolled out before the end of the year in Rwanda.

These vehicles, powered by a 72V lithium battery and capable of speeds of up to 90km/h, will contribute to the promotion of sustainable transport in these two West African countries. By 2030, the aim is to be operational in over ten countries across Africa. The company’s ambition is to build its assembly plants in West Africa and to employ more than 3,000 people.

Shegun Adjadi Bakari, Chief Executive Officer of MAUTO and Partner at the African Fund for Transformation and Industrialization Fund (ATIF) said, “There are effective ways to finance the ecological transition in Africa and to make it affordable and sustainable. No population will accept this without strong support. That’s the whole point of this operation. With this transaction, MAUTO demonstrates its ability to rapidly execute its global green transition strategy in Africa and its power to change everyday life in African cities by reducing traffic pollution, a major public health concern for urban populations.”

Fabrice Le Saché, President of Aera Group said, “It is a great pleasure and honour to be the carbon finance pioneer for Africa’s largest electric motorbike programme. We are pleased to generate revenue from carbon credits to reduce the cost of leasing electric motorbikes and to help MAUTO raise additional funds to accelerate its rollout in Africa.”

Aims to address the electrification challenge

In addition to accelerating the deployment of electric two-wheelers in Africa, the funding will also address the challenge of electrification. Almost 80% of the electricity that will be used to charge the electric vehicles will come from photovoltaic charging stations that will be installed as the roll-out progresses.

Since its launch in 2019, MAUTO has been dedicated to urban, ecological, and affordable mobility and is working towards building its own carbon-neutral assembly plants to be ready by 2024.

The post Africa racing toward green mobility: MAUTO rides away with $5M funding at COP27 appeared first on Tech Funding News.

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