Persistent makes fresh investment in DRC-based e-motorcycle company
Persistent makes fresh investment in DRC-based e-motorcycle company
Persistent has made a further investment in Altech, a solar and e-mobility company in the DRC.
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Investment firm Persistent has made a further investment in Altech, a solar and e-mobility company in the Democratic Republic of Congo (DRC).
The DRC represents a substantial market opportunity for e-mobility with an estimated 2.3 million motorcycles in 2020, 90% of which were utilised as moto-taxis. Recognising a market potential of 200,000 bikes annually, Altech offers a transformative solution with its e-motorcycles, providing a sustainable and economically viable alternative for riders.
Altech has proven its business model, offering daily rentals to moto-taxi drivers that include insurance, maintenance, and free charging services for a single fee. This service significantly lowers the daily operating costs for moto-taxi drivers, improving their daily net margin by up to 50%.
With the investment, Altech will establish its first e-mobility service centres in Goma, enhancing the infrastructure and operating environment for e-mobility. The centres will serve as one-stop shops for Altech e-motorcycle riders, featuring charging and battery swapping stations and maintenance facilities. It will also provide secure storage for e-motorcycles, further simplifying the operational aspects for moto-taxi drivers.
Washikala Malango, co-CEO of Altech, says: “The e-moto taxi market represents a tremendous opportunity to move the DRC forward in the transition to renewable energy. Altech tested its e-mobility business model carefully around the country before preparing to launch our e-mobility business. We are excited about the full-scale launch of our e-mobility business and are grateful for Persistent’s continuing support.”
Persistent partner Chris Aidun, who serves as a director of Altech’s board, said: “We continue to be impressed by the Altech team as they take their proven success in solar energy to expand their work into the e-mobility sector. The DRC can be a leader in e-mobility for moto-taxis in Africa and we expect Altech to be the engine that drives that leadership forward.”
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