ARC Ride Secures $10M from Mirova to Expand Kenya’s EV Battery-Swapping Network

Kenya’s electric mobility sector just gained another boost as ARC Ride, a Nairobi-based EV startup, closed a $10 million investment deal with Mirova, the sustainable investment arm of France’s Natixis Investment Managers.

The financing, structured as senior secured debt with a five-year tenor, will allow ARC Ride to scale its battery-swapping infrastructure across the country. The company plans to deploy 600 battery-swapping cabinets and 25,000 batteries, expanding its service for electric motorcycles and three-wheelers that already crisscross Nairobi.

For Mirova, this marks the Gigaton Fund’s first electric vehicle investment in Sub-Saharan Africa. The decision underscores growing investor confidence in Kenya’s clean mobility sector, where the combination of rising fuel costs, government climate goals, and entrepreneurial drive is creating momentum for EV adoption.

Battery-swapping has emerged as a practical solution to one of the industry’s biggest barriers: charging time and battery costs. Instead of buying and charging their own batteries, riders can quickly exchange depleted units for fully charged ones at ARC Ride’s swap stations, reducing downtime and lowering upfront expenses. The company already operates more than 170 stations in Nairobi, with plans to expand nationwide.

Each electric motorcycle is estimated to cut around two tonnes of carbon dioxide emissions annually compared to traditional petrol bikes, while also offering riders significant savings on fuel and maintenance. This dual promise of environmental and economic benefits has made ARC Ride’s model attractive to both impact investors and boda boda operators who dominate Kenya’s transport sector.

The $10 million infusion follows a $5 million commitment from British International Investment earlier this year, giving ARC Ride a stronger capital base to push its vision of transforming mobility in East Africa. Execution, however, remains key. Scaling infrastructure requires reliable power supply, strong battery lifecycle management, and consistent rider adoption.

Still, if ARC Ride delivers on its rollout plan, the company could position itself at the center of a clean transport shift in one of Africa’s most dynamic mobility markets. For Kenya, this is another step toward building a future where electric mobility is not just aspirational but practical and widespread.