ImpactAlpha, May 24 — Investing in the low-carbon transition of Africa requires solutions to alleviate poverty and uplift local economies as well. Chennai-based M Auto, a manufacturer of two- and three-wheeler electric vehicles with its own network battery-swapping stations, has secured a $20 million commitment from the Africa Transformation and Industrialisation Fund.
The fund aims “to accelerate Africa’s industrial transformation and ecological transition while creating jobs and lifting people out of poverty,” said ATIF’s Shegun Adjadi Bakari.
M Auto is looking to expand in Benin and Togo, which “have the biggest demand for commercial two-wheelers and progressive government policy for domestic manufacturing in the energy transition,” said M Auto’s Yasmeen Yawaharali.
Africa’s EV transition
M Auto will hire locally and manufacture e-bikes and batteries in Togo and Benin. The woman-led company will offer affordable rent-to-own options. M Auto says it already has 500 e-bikes in Benin and Togo, and is ready to deploy 3,000 more.