FMO funds Ugandan e-motorbike company
FMO has disclosed an approved loan of up to $1 million to Zembo Motorcycles.
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Dutch development bank FMO has disclosed an approved loan of up to $1 million to Zembo Motorcycles, an electric motorbike company in Uganda.
Zembo sells electric motorcycles to drivers – either directly or through third parties – and operates a battery-as-a-service model through a network of 29 battery-swap stations. At these locations, drivers can exchange depleted batteries for fully charged ones and pay only for the energy used. The company employs 75 people, mainly based in its central operations and across the battery-swap network in Uganda.
The FMO loan will finance the acquisition of batteries and chargers.
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