ARC Ride raises $33.3M for electric mobility and battery-swapping network
Riders exchange depleted batteries for charged ones at smart stations, reducing vehicle cost and time spent charging.
Keeping commercial riders on the road
ARC Ride combines electric two- and three-wheelers with a battery-swapping service for riders and fleet operators. Riders use the app to find a station, scan a cabinet and exchange a depleted battery for a charged one in about a minute, avoiding long charging stops and lowering the upfront cost of an electric vehicle.
The company operates across sub-Saharan Africa and is adding vehicles and swap capacity as it expands its service footprint. Its financing combines equity with a debt facility.
Use of funds
Expand in Kenya, Ghana, South Africa, Tanzania and Uganda
Add 5,000 electric motorcycles
Expand battery swapping infrastructure and uptime
Advance automated battery swaps and renewable energy integration