Battery swapping technology specialist STIMA has partnered with Kenyan vehicle financier Mogo, a part of Eleving Group, and the ride hailing company Bolt to increase the adoption of electric motorcycles in Kenya on a large scale. STIMA will contribute motorcycles and battery swapping infrastructure to the partnership while Mogo, which already has more than 50,000 active lease-to-own agreements with motorcycle riders, will support lease-to-own plans for riders adopting STIMA-powered electric motorcycles.
Bolt will promote electric motorcycles to the fleet of 4,000 riders currently using Bolt food delivery app, with the objective of transitioning its food delivery fleet to electric.
The partnership unites three entities with shared values of climate-friendly mobility and which together provide the Kenyan market with a complete transport solution through lease-to-own asset finance, battery swapping technology and ride hailing.
Jason Gras, the co-founder and CEO of STIMA, says: “The partnership with Mogo and Bolt contribute to the far-reaching goal of STIMA: to spread the adoption of e-mobility in Kenya and East Africa. By harnessing STIMA’s battery swapping technology, Mogo’s tier one asset financing and Bolt’s legacy in ride hailing, this partnership will put more electric motorcycles on the road.”
Modestas Sudnius, the CEO of Eleving Group, adds: “The future of mobility will be electric. The first steps in educating people about climate-friendly and sustainable decisions must be taken already today, and it is a part of the Group’s mid-term, and long-term strategy. We want to be present in Kenya with innovative products and productive lending. For us, this project contributes to fulfilling our strategic goals in the field of ESG, where we have committed to increasing the number of emission-free vehicles in our portfolio and reducing the carbon footprint arising from it. For our clients, this project will save money on fuel and in maintenance costs. For society in the long run, it will improve the ecological aspects in the cities, such as air quality and reduced noise levels.”
“Bolt Food is delighted to be partnering with STIMA on this initiative as it underpins our commitment to helping couriers earn more whilst encouraging sustainable modes of transportation. Through STIMA, couriers will purchase electric motorcycle bikes, allowing them to save on costs as they are less cost intensive in terms of consumption and maintenance. Through Mogo, they will get ready access to financing, which mitigates the challenge posed by the initial cost of acquisition of the e-bikes. The e-motorcycles will add to our existing greener transport options on our platform, including electric tuk-tuks and e bicycles. Bolt Food is committed to providing viable economic opportunities to all its courier partners and enhancing customer experience through affordable, reliable and sustainable services,” said Edgar Kitur, Country Manager, Bolt Food.
Founded in 2020 in Paris, STIMA is a battery swapping technology company targeting the deployment at large scale of convenient instant recharge infrastructure for electric motorcycles in emerging markets. STIMA develops a full suite of hardware and SaaS (Software-As-A Service) technologies, as well as tailored models of infrastructure financing, that enables moto-taxi riders in sub-Saharan Africa to switch to electric motorcycles. Earlier in 2022, STIMA introduced in Kenya electric motorcycles made by Indian motorcycle manufacturer, OneElectric. With its robust frame and long lasting battery, the OneElectric is designed to withstand difficult road conditions, heavy loads and intensive usage of moto-taxi riders in Africa. STIMA technology ensures large daily operations savings for e-riders while enabling e-mobility companies and asset investors to deploy viable and scalable battery swapping investments.
Eleving Group is an international multi-brand company operating in 13 countries and on 3 continents. The Group operates in the vehicle and consumer financing segments, providing financial inclusion and disruptively changing financial service industries in its countries of operation. With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa. For two consecutive years (2020, 2021), the Group has appeared on the Financial Times list of Europe’s 1000 fastest-growing companies. The total amount of loans issued by Eleving Group is already exceeding EUR 1.2 bln, while the number of clients served is more than 500,000 worldwide.
Mogo, part of the Eleving Group, provides accessible and affordable mobility products for customers in underserved market segments. The range of products includes traditional lease and leaseback products for used cars, logbook loans, boda-boda, and tuk-tuk loans. Mogo as a brand is represented in 10 active markets, and since its inception in 2012, it has served more than 230 000 clients and issued more than 500 000 loans in the mobility segment. Since the beginning of operations in Kenya in 2020, Mogo has issued over 60 000 boda-boda loans, and now is partnered with more than 200 local dealerships.
Bolt has 100 million customers in 45 countries and over 500 cities across Europe and Africa. The company seeks to accelerate the transition from owned cars to shared mobility, offering better alternatives for every use case, including ride-hailing, shared cars and scooters, and food and grocery delivery.
Bolt Food was launched in Nairobi in March 2021, at the height of the COVID-19 pandemic which was characterised by lockdowns, curfews and takeaways options for most restaurants. Bolt Food’s entry into the market gave users access to a wide array of restaurants and menus at the tap of a button, as well as offered a needed boost to the customer base for various restaurants. Bolt Food currently boasts of over 4,000 couriers, with over 1,250 restaurants onboarded and a growing network of over 80 estates within Nairobi and its metropolis thereby, creating earning opportunities in the gig economy in the country.