Metro Africa Xpress Inc., a Nigeria-based startup backed by private-equity company Lightrock LLP, is planning to launch electric vehicles (EV) in nearly eight African countries by 2023, Bloomberg recently reported.
The Nigerian company has raised a sum of $31 million in 2021 to develop an EV market in Africa due to the growing demand for investment in low-emission transport.
This investment will enable the company to boost the number of cars to 100,000 by 2023 from 8,000 now, with the percentage of EVs increasing to 20% from 40%, CEO of Metro Africa Xpress Adetayo Bamidyro said.
The startup intends to enter African countries such as Egypt, Cameroon, and Uganda next year, Bamidyro noted, adding that the company currently operates in only Nigeria and Ghana.
Metro Africa Xpress seeks to have a fleet fully made up of EVs in the coming 10 to 15 years, he remarked.
It is worth noting that Metro Africa Xpress is pumping investments into charging points in Nigeria and Ghana. It previously secured over $70 million to finance its drivers from investors including Lightrock and Global Ventures.