Nigerian start-up Metro Africa Xpress (MAX.ng) plans to raise $100 million this 2023 from investors in London, UK-based venture capital firm Lightrock and the Estonian mobility company Bolt, to drive its vision of decarbonizing the transport sector in Africa.
David Hoyme, MAX.ng’s Director of International Expansion says the funding will also target the supply of components such as batteries in order to “increase the share of electric vehicles in the company’s fleet from the current 5% to 70% by 2026.
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MAX.ng is Pioneering Electric Vehicles (EVs) in Africa
Max.ng will raise funds to allow the deployment of electric vehicles in ten countries, including Cameroon, Uganda and Egypt. It aims to connect individuals with motorbike taxi drivers on the continent.
Their EV initiative will lead Africa on a transition to eco-friendly mobility fueled by clean energy and still serve the purpose of extending access to cost-effective and safe transportation for everyone.
In 2019, the Nigerian start-up already raised $7 million from Nairobi and Lagos-based venture capital firm Novastar Ventures and Japanese motorbike equipment manufacturer Yamaha Motor to market its electric motorbikes in several West African countries, including Nigeria.
The Nigerian government has been promoting electric mobility in recent years. It is in this context that the National Agency for Science and Engineering Infrastructure (NASENI) concluded a partnership in August 2022 with local, Israeli and Japanese companies for the deployment of electric motorbikes in the city of Abuja. The two-wheeled machines will be assembled locally by the Nigerian industrial group Peramare Enterprise headed by Eugene Abels, and the company Sixai founded by Israeli businessman Ran Poliakine.
Electric vehicles on Nigeria roads by 2025
Two years after the Stallion Group launched the first-ever electric car assembled in Nigeria, less than 200 units have been sold.
The main issue with electric cars in the country has been the concern of where to charge them, considering the hours of electricity needed to keep the vehicle running, just as there are limited or non-existent charging points.
The Nigerian government has announced that electric buses will be on the road in Lagos by 2025. This emanated from an agreement signed recently between Ocean and Oil ltd (Oando) and the Lagos Metropolitan Transport Authority (LAMATA).
The National Automotive Design and Development Council (NADDC) had however initiated an electric vehicle pilot programme in collaboration with the Stallion Group, European Union and other stakeholders to roll out 100 solar-powered electric vehicle charging stations across the country.
Sokoto became the first state to launch a solar-powered electric car charging station, and three other charging stations have been built at the University of Lagos, Usman Dan Fodio University and the University of Nigeria, Nsukka.
The electric vehicles will contribute to the policy of decarbonisation of mobility in the economic capital of Nigeria, which has a population of 21 million.
Why Electric Vehicles?
Electric vehicles are 100% eco-friendly as they run on electrically powered engines which do not emit toxic gases into the environment, unlike diesel and petrol. The vehicles are 50% cheaper to operate, unlike gas engines, as they require less expensive and less frequent maintenance. They are quieter and cut down on noise pollution, which creates a saner environment. Electric charging cost is less, and transport operators get to save more money. Achieving a milestone in the future of electric mobility will propel Africa several steps forward into the future.
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