Altree Capital backs Wahu Mobility

December 2023

Altree is proud to announce a third investment into a West Africa e-mobility company that designs, manufactures and sells electric vehicles and provides a comprehensive fleet management solution platform. It has started with an e-bike and other e-vehicle prototypes are in development for launch in the coming years. The company aims to provide clean, high-quality load-carrying transport to a wide range of customers in West Africa. The EV market is currently in its infancy but is undergoing rapid expansion. The Ghanaian Government has set an ambitious target of achieving a 10% EV penetration by 2030, aligning with the company's mission and showcasing a dedicated effort to foster electric mobility. This commitment is reinforced by escalating fuel costs, government incentives and a growing awareness of the environmental advantages associated with EVs. These factors, collectively contribute to an increasing demand for electric vehicles across the nation and the region. As the availability of EVs expands, making them a more appealing and sustainable transportation choice, the market is anticipated to witness sustained growth. The company is strategically positioned to leverage this upward trend, focusing on delivering affordable and eco-friendly mobility solutions. By catering to a diverse consumer base seeking sustainable and cost-effective transportation alternatives, the company is well-poised to capitalise on the evolving landscape of the West African EV market markets.

The company’s CEO and Founder is a true female visionary, she actively pursues gender inclusivity and diversity in the company and industry. Further, the company fits neatly within our climate mitigation strategy as well as our gender lens filter. Most importantly we see strong growth for the company as it localises its knock-down assembly line and the manufacture of various components, looking to achieve 50-80% localisation of parts within 18 months. It has a clear path to profitability, coupled with a strong impact on climate, gender and youth employment.

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	Jenni ’kicking’ the tyres

Wahu's ride-to-own model takes advantage of Ghana's budding gig economy, allowing delivery riders to start working – and earning – immediately. Although bikes can be purchased upfront, most riders choose to pay off the vehicles over 18 or 24 months. This model makes e-bikes accessible to a much wider customer base while providing a revenue stream that supports the riders and ensures repayment.

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	The Altree team together with ATI and company team

Altree Capital's partnership with the U.S Government’s Prosper Africa initiative has been a catalyst in realising the Wahu Mobility investment, showcasing the power of collaboration in driving sustainable and impactful ventures within the ever-evolving landscape of electric mobility solutions.