ARC Ride Secures $10M from Mirova for EV Expansion in Africa

Joseph Hurst-Croft, ARC Ride CEO

Mirova, an affiliate of Natixis Investment Managers, has committed up to $10 million in senior secured debt to ARC Ride, an electric mobility company in Kenya.

This transaction marks the Mirova Gigaton Fund’s first electric vehicle investment in sub-Saharan Africa. The $10 million facility will fund over 600 battery-swapping cabinets and 25,000 batteries.

"This partnership with Mirova marks a major milestone in our mission to make electric mobility accessible, affordable, and sustainable across Africa. With Mirova’s support, we’re not only scaling our operations in Kenya, we are laying the groundwork for a cleaner transport future across wider regions in Africa," said Joseph Hurst-Croft, CEO at ARC Ride.

"This investment reflects Mirova’s mission to support innovative, high-impact climate solutions in emerging markets. ARC Ride is redefining urban mobility in Africa through a scalable model that reduces emissions and improves livelihoods. We’re proud to support their journey," said Rim Azirar, deputy head of emerging market energy transition at Mirova.

Source: Africa Private Equity News