• Latest
  • Trending
Opibus Secures $7.5M USD – Sub-Saharan Africa’s Largest Ever Fund Raise In Electric Mobility

Opibus Secures $7.5M USD – Sub-Saharan Africa’s Largest Ever Fund Raise In Electric Mobility

November 19, 2021
How to do Face Detection with Python?

How to do Face Detection with Python?

May 16, 2022
Fullstack Authentication with Remix using Prisma, MongoDB and Typescript

Fullstack Authentication with Remix using Prisma, MongoDB and Typescript

May 16, 2022
Hackers are exploiting critical bug in Zyxel firewalls and VPNs

Hackers are exploiting critical bug in Zyxel firewalls and VPNs

May 16, 2022
Fake Pixelmon NFT site infects you with password-stealing malware

Fake Pixelmon NFT site infects you with password-stealing malware

May 16, 2022
Microsoft fixes new PetitPotam Windows NTLM Relay attack vector

Microsoft fixes new PetitPotam Windows NTLM Relay attack vector

May 16, 2022
EU Agrees New Cybersecurity Legislation for Critical Services Organizations

EU Agrees New Cybersecurity Legislation for Critical Services Organizations

May 16, 2022
Apple releases iOS 15.5 RC, here’s the list of everything new

Apple releases iOS 15.5 RC, here’s the list of everything new

May 13, 2022
MSI Full AMD 300-Series Motherboard Compatibility for Zen 3

MSI Full AMD 300-Series Motherboard Compatibility for Zen 3

May 13, 2022
Gigabyte New Flagship AORUS 17X Gaming Laptop with Extreme Performance

Gigabyte New Flagship AORUS 17X Gaming Laptop with Extreme Performance

May 13, 2022
MediaTek Unveils New AIoT Platform Stack and Genio 1200 AIoT Chip

MediaTek Unveils New AIoT Platform Stack and Genio 1200 AIoT Chip

May 13, 2022
Oracle expands global network of industry innovation labs

Oracle expands global network of industry innovation labs

May 13, 2022
Google announces 30,000 scholarships under African developer scheme

Google announces 30,000 scholarships under African developer scheme

May 13, 2022
  • Consumer Watch
  • Kids Page
  • Directory
  • Events
  • Reviews
Monday, 16 May, 2022
  • Login
itechnewsonline.com
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion
Subscription
Advertise
No Result
View All Result
itechnewsonline.com
No Result
View All Result

Opibus Secures $7.5M USD – Sub-Saharan Africa’s Largest Ever Fund Raise In Electric Mobility

by ITECHNEWS
November 19, 2021
in Africa Tech
0 0
0
Opibus Secures $7.5M USD – Sub-Saharan Africa’s Largest Ever Fund Raise In Electric Mobility

Sub-Saharan Africa’s leading electric vehicle manufacturer, announced today that it has raised $7.5 mil in funding led by Silicon Valley fund At One Ventures, further supported by Factor[e] Ventures and Ambo Ventures managed by former Google and Uber executives. The investment is the largest ever in an electric mobility company in Sub-Saharan Africa and is aimed to scale its operations in electric motorcycle and bus manufacturing.

Opibus, which has existing customers across 6 countries in Africa, is the leading provider of electric vehicles designed and manufactured locally. Its vision is to create reliable and cost effective products designed for the pan-African mass-market. With several vehicles in different categories deployed, Opibus has reduced customer CO₂ emissions by 94% and operational expenditures by more than

YOU MAY ALSO LIKE

Oracle expands global network of industry innovation labs

Google announces 30,000 scholarships under African developer scheme

60%. The company has a unique approach to both heavy electric vehicles and electric motorcycles. The proprietary powertrain enables existing heavy commercial vehicles such as buses and trucks to be converted to electric – thereby reducing cost, resource use and giving the vehicles a second life. While the motorcycle is fully designed and tailored for the local use case, with a robust frame and dual swappable battery packs providing a perfect product market fit, intended to maximise local content.

The closed fundraising consists of $5M in equity and $2.5M in additional grants, totaling to $7.5M. The investments will be used to prepare for scale up and mass manufacturing starting 2022. Africa is one of the fastest growing transportation markets globally, with a total market potential of $10 billion by 2030, and is largely untapped.

Opibus was founded in 2017, and has over the years developed products in three main segments, electric motorcycles, electric public transport/commercial vehicles as well as charging and energy solutions. The focus is on creating a sustainable ecosystems for mass transport in Africa. Today, it is the largest manufacturer of electric vehicles in East Africa and was recently featured in National Geographic amongst VW, Tesla and Rivian. The company is also recognized for having produced the first truly African electric motorcycle.

“We are proud to be backed by globally recognized investors providing a balance between deep-tech and emerging market expertise. We have together reached a clear strategic and visionary alignment – with the conviction that mass manufacturing of electric mobility solutions in Africa will not only make the products more accessible and affordable, but also lead to one of the largest industrialization and welfare transitions of the region in modern time.” said Filip Gardler, CEO and co-founder of Opibus. “The targets and objectives we’ve set for Opibus might seem bold, however it is a mission that has become more important than ever. We have a responsibility to the coming generations and the earth at whole.”

“Opibus is taking a fundamentals-first approach to delivering a compelling customer value proposition that is tailored for the African market. Their vehicles are half the cost compared to second-hand fossil fuel vehicles, and perform better in the harsh road conditions. We are excited to be supporting them in their growth phase to achieve true impact at scale.” Helen Lin, Principal At One Ventures.

“The African market for electric mass transit vehicles, able to operate in the special conditions of the continent is huge but the competition is so far very limited, so there is great potential for Opibus.” Andrew Reicher, Board Member and investor. “The Opibus team is smart, decent and incredibly hard working so if anyone can realise this potential, it’s them. This is one of the most exciting impact investments I’ve ever made.”

“The electric mobility space in Africa represents a huge opportunity; not only to provide a better service at a lower cost to customers, but also to reduce carbon emissions and avoid deadly exposure to particulate pollution on a local level.” Morgan DeFoort, Managing Partner Factor[e] Ventures.

Source: AppsAfrica

ShareTweetShare

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Search

No Result
View All Result

Recent News

How to do Face Detection with Python?

How to do Face Detection with Python?

May 16, 2022
Fullstack Authentication with Remix using Prisma, MongoDB and Typescript

Fullstack Authentication with Remix using Prisma, MongoDB and Typescript

May 16, 2022
Hackers are exploiting critical bug in Zyxel firewalls and VPNs

Hackers are exploiting critical bug in Zyxel firewalls and VPNs

May 16, 2022

About What We Do

itechnewsonline.com

We bring you the best Premium Tech News.

Recent News With Image

How to do Face Detection with Python?

How to do Face Detection with Python?

May 16, 2022
Fullstack Authentication with Remix using Prisma, MongoDB and Typescript

Fullstack Authentication with Remix using Prisma, MongoDB and Typescript

May 16, 2022

Recent News

  • How to do Face Detection with Python? May 16, 2022
  • Fullstack Authentication with Remix using Prisma, MongoDB and Typescript May 16, 2022
  • Hackers are exploiting critical bug in Zyxel firewalls and VPNs May 16, 2022
  • Fake Pixelmon NFT site infects you with password-stealing malware May 16, 2022
  • Home
  • InfoSec
  • Opinion
  • Africa Tech
  • Data Storage

© 2021 iTechNewsOnline.Com - Powered by BackUpDataSystems

No Result
View All Result
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion

© 2021 iTechNewsOnline.Com - Powered by BackUpDataSystems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version