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objective via four main levers: increased mobility 
of low-income populations, increased access to 
basic resources, increased purchasing power 
resulting from more affordable transportation, 
and increased income for mobility employees.  
See Tugende Case Study Pg. 43 
Reducing carbon footprint from 
transportation: 
Most Sustainable Mobility solutions have a core 
and direct positive impact on climate change, 
even if they do not rely directly on “green 
mobility” solutions like electric vehicles. Indeed, 
they can decrease the negative environmental 
impact of transport through replacing polluting 
vehicles with cleaner ones. Mobility services 
enable non-motorized transport, improve traffic 
circulation resulting in shorter trips, and reduce


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enable non-motorized transport, improve traffic 
circulation resulting in shorter trips, and reduce 
the number of trips through reduced individual 
transport. See WaterBus Case Study on Pg. 38, and 
Ampersand Case Study on Pg. 30


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4
•
EXECUTIVE SUMMARY
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Gender inclusion: 
Women often have lower access to mobility 
solutions, which negatively impacts economic, 
health and education outcomes. Sustainable 
Mobility solutions can have positive impacts on 
gender inclusion by providing women access to 
safe mobility and employment. See “Sustainable 
Mobility’s Impact on Gender Inclusion” Pg. 35
83% 
Of women in Chennai, India walked to work, 
compared with 63% of men
Going forward, Sustainable Mobility 
avails investors an opportunity to 
overcome investment barriers and 
support an emergent and impactful 
sector 
As a sector gaining traction, Sustainable Mobility 
requires continued and increased investment from


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sector 
As a sector gaining traction, Sustainable Mobility 
requires continued and increased investment from 
the full spectrum of investor classes if enterprise 
solutions are to be seeded and scaled effectively 
in developing countries. However, it requires a 
concerted effort by investors to tackle current 
hurdles to funding, by:
Raising awareness within  
the investor community: 
As a nascent sector, there is limited literature 
and data on Sustainable Mobility, even if this 
report attempts to add to it. The investor survey 
conducted for this report indicated a low level 
of awareness on both the concept and impact of 
Sustainable Mobility. Some investors intuitively 
assume that Sustainable Mobility offers a lot of 
potential for impact, but lack literature and data


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assume that Sustainable Mobility offers a lot of 
potential for impact, but lack literature and data 
to back such instincts.
Better identifying and 
strengthening the investment 
pipeline of enterprises fitting 
investment criteria: 
Investor mandates constrain funds to opportunities 
in specific sectors. Investors focused exclusively 
on low-carbon solutions will restrict funding to 
electric vehicles and associated infrastructure, whilst 
investors focused on poverty alleviation will mainly 
target rural populations. Understanding the impact of 
Sustainable Mobility will help make the sector’s case 
as a major investment theme and permit investors 
to widen their existing investment criteria to fit 
Sustainable Mobility or create dedicated funds for it,


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to widen their existing investment criteria to fit 
Sustainable Mobility or create dedicated funds for it, 
effectively encouraging early-stage sector support.
Refining business models 
and strengthening financial 
attractiveness:
Mobility is capital-intensive. The success of 
entrepreneur-led solutions is highly dependent on 
public infrastructure development, particularly for 
solutions that rely on infrastructure that does not 
exist or that is in a poor state. This is often the case 
for any logistics or transport services in rural areas, 
where proper roads to a town may not exist. Highly 
price-sensitive customers also have to be taken in to 
account in business modelling of mobility services 
such as ride-hailing. Public-private partnerships and


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account in business modelling of mobility services 
such as ride-hailing. Public-private partnerships and 
DFI involvement could make for investment in high-
risk and capex-intensive ventures. 
Building a healthy funding 
ecosystem: 
The working capital funding ecosystems, such as 
the one in the energy access space, is not yet in 
place for Sustainable Mobility. It is thus difficult for 
investors to share risks and get sufficient return on 
their investment portfolio. For Sustainable Mobility 
to reach its full potential, it is incumbent upon all 
investors (DFIs, Donors, Impact Funds, etc.) to work 
together to blend different types of capital necessary 
to help both seed and scale sector solutions.
Despite these challenges, Sustainable Mobility


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to help both seed and scale sector solutions.
Despite these challenges, Sustainable Mobility 
is a unique and emerging sector within which 
solutions are critical, and for which significant 
impact investment opportunities exist that can 
meet different investment mandates.


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Table of Contents
UNDERSTANDING THE INVESTMENT GAP  
IN SUSTAINABLE MOBILITY IN DEVELOPING 
COUNTRIES
1
• 8
SEIZING THE INVESTMENT OPPORTUNITIES  
OF SUSTAINABLE MOBILITY IN DEVELOPING 
COUNTRIES
3
• 45
Mobility represents a multi-trillion dollar investment 
opportunity, especially in low- and middle-income countries, 
where the need is greatest
• 8
To meet the challenges mobility is facing in developing 
countries, entrepreneur-led solutions are needed  
that often require large upfront investment
• 11
Impact investment in Sustainable Mobility is needed  
but investors are facing barriers to enter the sector
• 14
Sustainable Mobility enterprises, through their variety, 
generate a wide range of direct and indirect impacts 
contributing to various SDGs
• 21


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generate a wide range of direct and indirect impacts 
contributing to various SDGs
• 21
Sustainable Mobility generates core impacts  
in terms of health and safety, economic development 
and social inclusion
• 28
Sustainable Mobility has a key role to play in the fight against 
climate change, even if internal-combustion engine (ICE) 
solutions will be needed in the short-term
• 37
PROVING THE IMPACT CASE  
FOR SUSTAINABLE MOBILITY2 • 21
BIBLIOGRAPHY
• 52
INTRODUCTION
• 7


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Figures
Figure 1
• 8
Transport investment in low- and middle income vs. high 
income countries compared to share of global population
Figure 2 • 9Definition of mobility
Figure 3
• 9
Maximum share of household income spent on mobility 
in developing countries
Figure 4
• 10
Evolution of transport emissions in OECD  
and non-OECD countries
Figure 5 • 12Sustainable Mobility conditions
Figure 6 • 13Segmentation of Sustainable Mobility solutions
Figure 7 • 15Investment in pay-as-you-go solar solutions 2012–2019
Figure 9 • 21United Nations Sustainable Development Goals
Figure 11 • 23Core identified SDGs of Sustainable Mobility enterprises
Figure 12 • 26Key impacts of Sustainable Mobility
Figure 18
• 33
SDG targets related to the core impacts of Sustainable Mobility


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Figure 18
• 33
SDG targets related to the core impacts of Sustainable Mobility 
on economic growth and formalization of businesses
Figure 22
• 41
Waterbus – Evolution from traditional canoes via diesel 
ferries towards a hybrid solar-diesel solution
Figure 24
• 46
Relevance of different Sustainable Mobility enterprises  
by investor type
Figure 16
• 31
SDG target related to the core impacts of Sustainable 
Mobility on poverty alleviation
Figure 13
• 28
SDG target related to the core impacts of Sustainable 
Mobility on health and safety
Figure 10
• 22
Illustration of potential impacts of Sustainable Mobility 
among different beneficiaries in developing countries
Figure 8
• 19
Case Study – SMV’s impact across all dimensions 
of Sustainable Mobility (Case Study)


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Figure 8
• 19
Case Study – SMV’s impact across all dimensions 
of Sustainable Mobility (Case Study)
Figure 14 • 29SafeBoda’s impact on health and safety (Case Study)
Figure 17 • 32Case study – Tusker’s impact on poverty alleviation (Case Study)
Figure 19 • 34MAX’s impact on economic growth (Case Study)
Figure 20 • 38Waterbus’s impact on climate change mitigation (Case Study)
Figure 21
• 40
Smart Freight Centre’s impact on climate change mitigation 
(Case Study)
Figure 23
• 43
Tugende’s impact on poverty alleviation, economic growth 
and health and safety (Case Study)
Figure 15 • 30Ampersand’s impact on health and safety (Case Study)


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7
•
INTRODUCTION
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Sustainable Mobility has gained traction over 
the past years, but large amounts of investment 
are required for the sector to develop further. 
Investors have frequently overlooked the sector 
due to various barriers, notably a lack of knowledge 
on the sector, its  wide range of solutions and their 
significant impact on society.
The Shell Foundation supports start-ups in 
the Sustainable Mobility sector in developing 
countries, providing patient capital and enterprise 
development support. Through its endeavours, 
the Foundation seeks to raise awareness on 
Sustainable Mobility, encourage investors to enter 
the sector and ultimately develop  an investment


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Sustainable Mobility, encourage investors to enter 
the sector and ultimately develop  an investment 
ecosystem around the sector.
In this context, the Shell Foundation commissioned 
Enea Consulting to study the sector and derive 
a  case for Sustainable Mobility investment  
in developing countries. In commissioning this 
study, the Shell Foundation expects to increase 
awareness and help remove barriers to investment 
in Sustainable Mobility. 
Enea Consulting leveraged a three-phased 
sequential approach for this study, the core 
methods of which included the following:  
Desk research 
During this phase, Enea conducted a review of 
relevant data and literature to size the challenges 
of mobility and the corresponding investment 
need. The literature review further allowed Enea


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of mobility and the corresponding investment 
need. The literature review further allowed Enea 
to refine the scope of the study, particularly the 
type of solutions covered.  
Survey and interviews
In order to understand the current state of impact 
investment in Sustainable Mobility and the barriers 
investors face, Enea conducted 10 interviews and 
a survey involving 20 investors. 
Materiality analysis
Enea conducted a materiality analysis, 
scrutinising the contribution of the different 
types of Sustainable Mobility solutions to the UN 
SDGs. This analysis is the core of the study and 
served to identify core impacts of Sustainable 
Mobility which can be considered intrinsic  
to any Sustainable Mobility solution as well  
as impacts specific to certain types of solutions


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to any Sustainable Mobility solution as well  
as impacts specific to certain types of solutions 
or enterprises.
Validation of methodology
Enea validated its materiality analysis on a 
selection of companies from the Shell Foundation 
portfolio, providing case studies outlining the 
various impacts of Sustainable Mobility via 
concrete examples.
Evaluation of solutions 
Enea identified, evaluated and prioritized 
appropriate solutions for different  investor types, 
providing  insight on relevant Sustainable Mobility 
enterprises investors could consider. 
This report is aimed at impact investors. It outlines 
the variety of Sustainable Mobility solutions  
in developing countries and their impacts.
Introduction


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8
•
•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Mobility represents  
a multi-trillion dollar 
investment opportunity, 
especially in low- and  
middle-income countries, 
where the need is greatest
Mobility represents a multi-trillion 
investment opportunity with a proven 
funding gap
Mobility is a major investment opportunity for the 
private sector. The worldwide annual investment 
in transport was estimated to be between USD 
1.4 and USD 2.1 trillion in 2014, of which public 
investment accounted for less than half Bib.1. New 
technologies are further driving this opportunity. In 
electric mobility alone, USD 3.7 trillion is expected 
to be invested between 2018 and 2030 in new


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electric mobility alone, USD 3.7 trillion is expected 
to be invested between 2018 and 2030 in new 
infrastructure (Enea analysis based on Bib.2, Bib.3, 
Bib.4, Bib.5, Bib.6).
However, there remains a significant funding gap to 
be addressed. Transport is one of the key sectors 
of investment contributing to the UN Sustainable 
Development Goals (SDG). The investment gap of 
private investment required to meet the SDGs is 
estimated to be around USD 2.5 trillion annually, 
with the investment gap for transport accounting 
for 10% of this total (USD 250 bn) Bib.7.
Low-income countries face the largest 
mobility challenges but are not 
receiving adequate funding
Transport investment in low- and middle-income 
countries was estimated to account for only


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receiving adequate funding
Transport investment in low- and middle-income 
countries was estimated to account for only 
25% of global transport investment in 2010, or 
between USD 350 and USD 525 billion annually, 
despite them hosting over 80% of the world’s 
population. Whilst mobility challenges are greatest 
in developing countries, especially low-income 
countries, the majority of existing investment 
remains concentrated in large upper-middle income 
countries, particularly Brazil, Russia, and India Bib.1.
Understanding the investment  
gap in Sustainable Mobility  
in developing countries
1
Figure 1
Transport investment in low- and middle-income 
vs. high-income countries compared to share 
of global population
83%
5.7  bn
25%
USD 450 bn
17%
5.2  bn
75%
USD 1300 bn


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of global population
83%
5.7  bn
25%
USD 450 bn
17%
5.2  bn
75%
USD 1300 bn
Global population (2010)
Public and Private Transport investment 
(2010 estimate)
Low-/middle-income 
countries
High-income 
countries


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9
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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
While the figures presented above refer to transport 
investment, the terms mobility and transport are 
often used interchangeably. However, a distinction 
between transport and mobility has emerged in 
recent years ( Figure 2) Bib.8. Mobility encompasses 
not only the act of moving, but also the importance 
of the ability to move freely. With advances in 
technology, solutions are emerging which provide 
access to mobility, from ride-hailing applications 
to digitalized goods transport solutions that are 
different from traditional transport investment. 
Mobility is therefore a term that better fits the 
context of impact investment. The focus of this


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Mobility is therefore a term that better fits the 
context of impact investment. The focus of this 
report will therefore be on mobility. A definition is 
provided in Figure 2.
The challenges of mobility in developing countries 
can be broken down into four categories: access to 
mobility, safety of mobility solutions, efficiency and 
environmental impact. These are each discussed in 
the subsections below.
Figure 2
Mobility vs. Transport
The terms mobility and transport are often used 
interchangeably. However, a differentiation has 
emerged over the past years. 
Mobility
The ability of people and goods to move or be 
moved freely between locations.
Transport
The act of moving people or goods from one 
location to another Bib.8. 
Accessibility


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Transport
The act of moving people or goods from one 
location to another Bib.8. 
Accessibility
Lack of geographical access to mobility affects 
populations in both urban and rural areas. In 2016, 
one third of the world’s rural population did not 
have sufficient access to all season roads, while in 
Africa more than 70% of the rural population lacked 
access to all season roads and transport Bib.9.
In many urban areas population growth exceeds 
public transport system investment. As the urban 
poor are increasingly concentrated in the peri-urban 
areas, they suffer more from insufficient availability 
of affordable mobility options Bib.10, increasing their 
need for mobility solutions. The result is that most 
trips commuting to work or school as well as for


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need for mobility solutions. The result is that most 
trips commuting to work or school as well as for 
other daily needs are made using non-motorized 
means, i.e. walking or cycling Bib.11. 
> 70% 
Rural population in Africa without access to 
all season roads
65%
Rural population in Africa without access  
to electricity 
While geographical proximity to mobility solutions 
is important, affordability also limits access.  
In some areas in Africa and Asia, the ownership 
rates of motor vehicles are as low as three vehicles 
per 1000, meaning that poor households only 
have access to informal mobility solutions, which 
are subject to price instability. The poorest often 
spend up to 30% of the household income on 
mobility that is largely informal, unsafe, unreliable


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spend up to 30% of the household income on 
mobility that is largely informal, unsafe, unreliable 
and inconvenient, compared to 8–16% of income in 
developed countries Bib.11, Bib.12.
Figure 3
Maximum share of household income spent on 
mobility in developing and developed countries
30%
16%
70%
84%
Maximum share of household income spent on mobility 
by poorest households in developing countries 
Maximum share of household income spent on mobility 
in developed countries
Transport Other


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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Safety
Mobility safety is a constraint in developing 
countries due to the large informal and unregulated 
nature of the sector. This leads to increased fatality 
rates compared to developed countries: 1.4 million 
fatalities occur in transport yearly, with 93% of 
them located in low- and middle-income countries, 
which have only 60% of the world’s registered 
vehicles Bib.13, Bib.10.
1.25 million 
Yearly number of road fatalities in low  
and middle income countries = 93% of global 
road fatalities
The poor are especially affected by safety 
concerns, as walking is often their only means of 
transportation and pedestrians are particularly


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concerns, as walking is often their only means of 
transportation and pedestrians are particularly 
exposed to road accidents. In Kenya, pedestrians 
are the largest group of reported road traffic 
fatalities, accounting for 47% Bib.14. 
Another aspect of safety is the risk of falling 
victim to crime, especially for female passengers. 
Women are among the most vulnerable, with 
globally three in five women report experiencing 
sexual harassment on public transport Bib.15. It is 
estimated that in developing countries limited 
access to safe mobility solutions might be the 
greatest obstacle for women to participate in the 
labour market Bib.16.
Efficiency
Efficiency of mobility is a challenge for low-income 
users who rely on inefficient public transport


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Efficiency
Efficiency of mobility is a challenge for low-income 
users who rely on inefficient public transport 
systems. Often these systems run on a “fill and run” 
basis rather than relying on a schedule. The average 
time low-income commuters spend commuting one 
way in South Africa is 150 minutes Bib.12. Excessive 
time spent in transit is a concern especially for the 
poor, as it significantly reduces the time they can 
spend on income-generating activities.
In urban areas, the issue is accelerated by the rapid 
increase in car adoption, leading to rising congestion 
levels in most cities in Sub-Saharan Africa, Asia and 
the Middle East. This further increases time spent on 
mobility and leads to additional negative impacts due


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the Middle East. This further increases time spent on 
mobility and leads to additional negative impacts due 
to increased fuel consumption and air pollution Bib.17.
2.5 hours 
Average amount of time low income users 
spend commuting one way in South Africa
1.4 hours
Time households that rely on biomass for cooking 
dedicate to collecting firewood per day
Environmental impact
To date, transportation accounts for only 20% 
of total CO₂ emissions in non-OECD countries 
compared to over 30% of total CO₂ emissions in 
OECD countries. In 2018 OECD transport emissions 
were 7% higher than non-OECD emissions. 
However motorized transportation is growing in 
emerging and developing countries, and while 
transport emissions are expected to decrease by


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emerging and developing countries, and while 
transport emissions are expected to decrease by 
1% annually up until 2030 in OECD countries, they 
are expected to grow by 2% annually in non-OECD 
countries Bib.18 . This means that non-OECD 
transport emissions will be 35% higher than OECD 
emissions, by 2030, as shown in Figure 4 and set to 
rise further Bib.19. 
Figure 4
Level of transport emissions in OECD and 
non-OECD countries 2018-2030
OECDNon-OECD
2018 2020 2022 2024 2026 2028 2030
CO2
8000
Mt C02
7000
6000
5000
4000
3000
2000
1000
0


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11
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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Air pollution is a significant problem in urban 
areas, with 98% of cities with more than 100,000 
inhabitants in developing countries not meeting 
WHO air pollution limits, compared to 56% in high-
income countries. Africa and Asia rank highest in 
PM2.5 exposure, a particulate matter generated 
primarily by road traffic Bib.20. 
These challenges are going to be exacerbated 
by ongoing demographic trends in developing 
countries, making the financing gap of mobility 
even larger. Global population is expected to 
rise to almost 10 billion by 2050 of which 85% 
will be in non-OECD countries. Urban areas will 
host about 7 billion people, meaning that urban


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will be in non-OECD countries. Urban areas will 
host about 7 billion people, meaning that urban 
population will rise by 2.7 billion, of which 90% 
will be in developing countries, putting additional 
pressure on underfunded transport systems 
Bib.21. The global annual funding gap for transport 
infrastructure alone, not taking into consideration 
other fields like mobility services, is estimated to 
be up to USD 250 bn Bib.22, Bib.23, Bib.19.
As presented above, mobility faces specific 
challenges in low- and middle-income countries and 
therefore needs to be paid special attention. Thus 
mobility in developing countries will be the focus 
of the report.
3,363 Mt 
CO₂ emissions related to transport 
in non-OECD countries
9,629 Mt
CO₂ emissions related to electricity and heat


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CO₂ emissions related to transport 
in non-OECD countries
9,629 Mt
CO₂ emissions related to electricity and heat 
production in non-OECD countries
To meet the challenges 
mobility is facing in 
developing countries, 
entrepreneur-led solutions 
are needed that often require 
large upfront investment
In addition to large public 
infrastructure projects, entrepreneur-
led solutions are needed to tackle the 
challenges of the mobility sector
Today, mobility investment in developing countries, 
especially public investment, is largely focused 
on large infrastructure projects. While improved 
infrastructure is an important step towards addressing 
mobility challenges, it can only address some of them, 
for example geographical access. Other challenges


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mobility challenges, it can only address some of them, 
for example geographical access. Other challenges 
such as affordability can be effectively resolved 
through entrepreneur-led mobility solutions. Other 
issues, such as the environmental impact of mobility 
will also not be addressable through infrastructure 
alone, and will require new vehicles, innovative 
business models and behavioural changes. 
A parallel can be drawn with other sectors. For 
example, in the energy sector, off-grid solutions such 
as solar home systems and mini-grids complement 
large-scale power grid investments. Solar home 
systems and mini-grid firms are typically entrepreneur-
led, private sector firms, who are much more agile than 
highly regulated utilities. In financial service access,


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led, private sector firms, who are much more agile than 
highly regulated utilities. In financial service access, 
microfinance institutions, agency banking and digital 
banking options complement the existing services of 
incumbent banks by reaching poorer households with 
little access to formal banking services. 
In emerging and developing economies facing a lack 
of public transport, the informal sector provides the 
majority of mobility services, representing a large, 
on-demand mobility solution that brings significant 
employment benefits to the population. For these 
reasons, informal mobility services are usually 
tolerated by public authorities, even if they often 
do not comply with any quality or safety standards. 
In 2008 an estimated 80% of all collective transport


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do not comply with any quality or safety standards. 
In 2008 an estimated 80% of all collective transport 
in Sub-Saharan Africa was provided by the informal 
sector Bib.24. 
CO2
CO2


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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Informal mobility solutions generally consist of 
a fleet of small, independent vehicles collecting 
passengers “without set timetables, routes or 
fares, especially in low-income areas” Bib.25 . 
Informal mobility providers usually operate without 
permits or official licences to drive passenger 
vehicles, and in many cases without insurance. The 
conditions for passengers and other road users are 
often dangerous, as drivers may not abide by road 
laws and care for passenger safety and comfort. 
Moreover, these services are a major contributor 
to increasing road congestion and air pollution. 
There is a huge opportunity for the private sector


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to increasing road congestion and air pollution. 
There is a huge opportunity for the private sector 
to provide formal mobility solutions that are safe, 
efficient, reliable, and clean to those members of 
the population underserved by public transport, 
thus replacing or integrating informal mobility 
solutions for the benefit of final consumers. 
The Sustainable Mobility sector 
encompasses those entrepreneur-
led solutions, with a wide range of 
technologies and business models
A growing number of entrepreneurs and 
organizations are working on providing better 
mobility solutions, and through them the concept 
and understanding of Sustainable Mobility is 
emerging. It can be defined as a range of solutions 
for the transport of both people and goods, in rural


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emerging. It can be defined as a range of solutions 
for the transport of both people and goods, in rural 
and urban context, targeted primarily towards 
low-income populations, and solving the key 
challenges of mobility in developing countries:
 — Accessibility: improving geographical access, 
inclusion of low-income populations through 
more affordable mobility and gender inclusion.
 — Health and safety: reducing accidents and 
improving security for passengers, e.g. better 
protection for women, as well as impacts on 
health. 
 — Efficiency: reducing time spent on transport, 
congestion levels and improving reliability  
of mobility solutions. 
 — Environment: reducing greenhouse gas (GHG) 
emissions and pollution.
Sustainable Mobility covers a wide range of


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— Environment: reducing greenhouse gas (GHG) 
emissions and pollution.
Sustainable Mobility covers a wide range of 
different solutions and enterprises addressing 
mobility challenges. In order to better understand 
the wide variety of solutions covered by the 
definition of Sustainable Mobility, a segmentation 
can be used based on the key characteristics of 
each solution:
 — Vehicle1 and infrastructure-based solutions that 
rely on assets.
 — Mobility services that capture the service 
offering to the client and are not focused on 
the underlying asset.
 — Technology and software solutions which are 
integrated in a mobility solution. 
The full segmentation serving as a basis for further 
analysis in this report is displayed in Figure 6.


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The full segmentation serving as a basis for further 
analysis in this report is displayed in Figure 6.
1 For the purpose of this report the term vehicle is not limited to road transport but can refer to any mean of transportation: motor 
vehicles (car, bicycle, motorcycle), watercraft (ship, boat), railed vehicles (train, tram) etc. 
Figure 5
Sustainable Mobility objectives
Accessibility
Health and safety
Efﬁciency
Environment
improving geographical access, 
inclusion of low-income 
populations through more 
aﬀordable mobility and gender 
inclusion in transportation
reducing accidents and improving 
security for passengers, e.g. better 
protection for women
reducing time spent on transport, 
congestion levels and improving 
reliability of schedule 
GHG
reducing GHG emissions and


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congestion levels and improving 
reliability of schedule 
GHG
reducing GHG emissions and 
pollution, decreasing negative 
environmental impact


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13
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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Figure 6
Sustainable Mobility enterprise 
segmentation
SECTORS
TYPES OF 
SOLUTIONS
EXAMPLES
Traﬃc coordination
 
solutions
Digital panels coordinating traﬃc, integrated 
solutions for navigation applications
Cameras, GPS tracking
Emissions measurement in urban areas
Car sharing, bike sharing
Taxi-like solutions based on mobile 
application
Logistics, urban solutions combined 
with ride hailing
Transport solutions (e.g. buses, ferries) 
in remote areas
Financing solutions for drivers of ride 
hailing or deliver services
All-season roads in rural or peri-urban areas
Public transport, minibus services, logistics
Bike sharing
Improved ICE vehicles or vessels, e-mobility


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Public transport, minibus services, logistics
Bike sharing
Improved ICE vehicles or vessels, e-mobility
Navigation 
and mapping tools
Mobile application for navigation, mapping 
areas not covered by traditional providers
Security systems
Emissions 
measurement
Shared mobility
Delivery services
Connecting isolated
communities
Ride-hailing
Mass-movement 
systems
Improved roads
Vehicle ﬁnance
Cleaner vehicles
and infrastructure
Non-motorised 
transport
Vehicles and 
infrastructure
Technology 
and software
Mobility 
services
These solutions currently receive 
the majority of funding in the Sustainable Mobility sector .
$
The segmentation presented above does not 
consist of mutually exclusive segments. Sustainable 
Mobility enterprises can fall into one, two or more


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consist of mutually exclusive segments. Sustainable 
Mobility enterprises can fall into one, two or more 
categories, depending on their business model. For 
example, a solution that offers vehicle finance for 
rickshaw drivers that offer their service to clients 
via a mobile application: these can be categorized as 
vehicle finance, ride-hailing and traffic coordinating 
solutions. If a solution of this type is focused on 
financing electric rickshaws, it would also be the 
category of cleaner vehicles and infrastructure.


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14
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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
While the segmentation introduced above will 
be used for the purpose of this report, there 
is no agreed segmentation of the Sustainable 
Mobility market. Other segmentations of 
Sustainable Mobility are possible and used by other 
stakeholders, e.g.
 — the targeted market: urban vs. rural, people  
vs. freight, targeting low-income households vs. 
middle class.
 — type of solution: asset based vs. service only, 
means of transportation: walking & cycling, 
motorized transport, public transport, etc.
 — type of stakeholder developing the enterprise: 
public vs. private vs. NGO, formal vs. informal.
When discussing Sustainable Mobility, electric


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public vs. private vs. NGO, formal vs. informal.
When discussing Sustainable Mobility, electric 
vehicles are often the first thing that comes to mind. 
But as the segmentation of Sustainable Mobility 
enterprises shows, there is more to Sustainable 
Mobility than only electric mobility. Sustainable 
Mobility solutions tackle challenges related to 
climate change and the energy transition in different 
ways (see part 2 of this report). Sustainable Mobility 
covers a wide range of solutions positioned along 
the entire value chain of mobility and bringing 
multiple types of value. 
Impact investment in 
Sustainable Mobility is needed 
but investors are facing 
barriers to enter the sector
In emerging and developing countries, 
it is likely that Sustainable Mobility will


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barriers to enter the sector
In emerging and developing countries, 
it is likely that Sustainable Mobility will 
require support from impact investment, 
as other sectors have benefited from, 
but today few impact investors are 
actively targeting the sector
Entrepreneur-led Sustainable Mobility solutions, as 
with large-scale infrastructure, require significant 
amounts of capital:
 — Many mobility services and solutions rely on 
new assets or infrastructure. While the lifespan 
of vehicles and infrastructure assets can be 
20–30 years and more, the upfront investment is 
significant. This is the case for electric mobility, 
where charging infrastructure requires major 
investment, and the upfront vehicle cost is 
higher than an Internal Combustion Engine


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investment, and the upfront vehicle cost is 
higher than an Internal Combustion Engine 
(ICE) solution. New business models such as 
‘mobility-as-a-service’ are also capital-intensive 
as the enterprise holds all assets required 
for the service. Bike- or car-sharing solutions 
require firms to invest in significant assets and 
the associated infrastructure. In developed 
countries these infrastructure investments are 
often partly funded with public money. 
• For example, London’s bicycle rental scheme 
continues to receive public financial support of 
~£8.4m per year Bib.26. 
• The UK government has committed ~£300 
million to support e-vehicle charging 
infrastructure Bib.27.
 — Other solutions are based on technical 
innovation, e.g. innovative digital platforms that


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infrastructure Bib.27.
 — Other solutions are based on technical 
innovation, e.g. innovative digital platforms that 
are adapted specifically to the requirements of 
developing and emerging countries’ markets, 
or electric vehicles or vessels. While innovative 
digital solutions may not require capital 
intensive assets, the development costs can be 
high; however, once established, tech platforms 
have raised significant funds in the past. Global 
ride-hailing and delivery service Uber has raised 
a total of USD 25.2 billion since their creation, 
despite owning few infrastructure assets.


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15
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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Looking at the challenging markets Sustainable 
Mobility enterprises in developing countries 
operate in, the need for impact investment is 
evident. Political and financial risks make it difficult 
to raise funds, as enterprises and investors navigate 
a number of obstacles, e.g.
 — a lack of legally binding, long-term mobility 
targets at the national level.
 — a lack of consistent legal and regulatory 
frameworks.
 — a lack of cooperation between the private  
and public sector (public procurement, 
partnerships, etc.).
 — a lack of public research and publication of 
leverageable mobility data.
 — technology risks for some Sustainable Mobility 
solutions.


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leverageable mobility data.
 — technology risks for some Sustainable Mobility 
solutions.
The need for impact investment to foster the 
development of Sustainable Mobility is all the 
stronger as investment in private sector enterprises 
is not focused on low-income countries and rural 
areas, where the need for Sustainable Mobility 
solutions is, however, the highest. In 2016, USD 16 
billion was invested in entrepreneur-led transport 
solutions worldwide. However, while a high level 
of funding is targeted towards China, there is 
very limited investment into other parts of Asia 
and Africa. Most investment is made in developed 
markets and focused on cities Bib.12 . Impact 
investment is therefore particularly needed to seed 
early-stage investments in peri-urban and rural


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investment is therefore particularly needed to seed 
early-stage investments in peri-urban and rural 
mobility in underserved countries. 
Impact investment has played an important role in 
driving access to energy, access to financial services 
and access to agricultural technologies. In the 
off-grid solar lighting sector, where most customers 
are found in rural sub-Saharan Africa, many of the 
earlier investors were impact investors, and the 
sector attracted minimal commercial funding. 
Indeed between 2012 and 2015, 45% of investment 
in energy access came from impact investors, 29% 
from DFIs and only 26% from commercial and later 
stage sources (see Figure 7). However, in the period 
2016–2019, commercial and later-stage financing 
actors represented the majority of investments


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2016–2019, commercial and later-stage financing 
actors represented the majority of investments 
at 52%, with impact investors only accounting 
for 18%. This demonstrates the key catalytic 
role of impact investment to spur sectors in their 
early stage Bib.28. Similarly, it can now drive the 
development of the Sustainable Mobility sector 
and help provide adequate mobility solutions to 
currently underserved communities.
By contrast, impact investment in mobility is 
thought to be limited. However, providing an exact 
estimate of the level of impact investment needed 
in the Sustainable Mobility sector is difficult. There 
is no shared definition of Sustainable Mobility, 
and Sustainable Mobility as an investment theme 
is new to most impact investors. Indeed, when


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and Sustainable Mobility as an investment theme 
is new to most impact investors. Indeed, when 
asked about their investment in the sector during 
interviews for this report, many investors believed 
they did not have any investment in Sustainable 
Mobility, despite having an investment in a 
Sustainable Mobility business. This is because they 
are either unaware of the concept of Sustainable 
Mobility or categorize investments that match the 
definition as being related to other impact sectors. 
In the case of electric vehicles, these solutions are 
often categorized by investors as part of their work 
on energy access. Delivery services for different 
sectors are often categorized based on the sectors 
they serve: e.g. solutions connecting rural farmers


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sectors are often categorized based on the sectors 
they serve: e.g. solutions connecting rural farmers 
to urban vendors would be labelled as agriculture, 
while a delivery service improving the distribution 
of drugs and medical supplies to pharmacies would 
be labelled as health.
Figure 7
Investment in pay-as-you-go solar solutions 
2012–2019
Investment in pay-as-you-go solar [USD millions] 
Impact funds DFI Corporate + later-stage
2012-2015 2016-2019
1200
800
1000
600
400
200
0


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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Even looking at the mobility sector more broadly, 
impact investment in mobility is poorly measured, 
and low compared to other impact investment areas. 
Principles for Responsible Investment (PRI) does not 
measure mobility/transport impact investment, even if 
the organization has stated they will measure mobility/
transport investment in the future Bib.29. Meanwhile, 
according to the World Bank, only 20% of transport 
projects funded by the private sector receive DFI 
support, compared to 70% in the energy sector Bib.30. 
A survey conducted among 30 investors for the 
purpose of this report also indicates a low level


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A survey conducted among 30 investors for the 
purpose of this report also indicates a low level 
of investment in Sustainable Mobility as well as a 
low-level of awareness on the concept and impact 
of Sustainable Mobility. Among the investment 
firms surveyed for this report, energy and financial 
services remain the core investment sectors. While 
almost two thirds of the participants have made 
investments that can be considered Sustainable 
Mobility within our framework, it is typically a 
minority within their overall investment portfolio 
and they are often not categorized as a Sustainable 
Mobility investment. Only four survey respondents 
currently have dedicated Sustainable Mobility 
mandates. By contrast, energy access, agribusiness


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currently have dedicated Sustainable Mobility 
mandates. By contrast, energy access, agribusiness 
and access to finance are common mandates among 
impact investing firms; these sectors thus remain 
the focus of funding from impact investors. 
Further sector definition and data collection will 
be needed to establish the exact level of impact 
investment in Sustainable Mobility, but we can 
conclude investment is at an earlier stage than 
other more established impact sectors such as 
energy access and financial services.
While investors are interested in 
Sustainable Mobility, there are 
several barriers to investment in the 
sector. The impact of Sustainable 
Mobility investments needs to be 
better understood to allow for more 
dedicated investments in the sector


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Mobility investments needs to be 
better understood to allow for more 
dedicated investments in the sector
Investors seem, however, to be increasingly 
interested in Sustainable Mobility. 
 — Around 65% of respondents to the investor’s 
survey stated that they have noticed an 
increased interest among investors in the 
sector, and many investors would like to become 
more active in the Sustainable Mobility sector. 
65%
Respondents of investor survey stating they have 
noticed an increased interest in the sector
 — When hearing about the range of Sustainable 
Mobility solutions, 100% of the survey 
respondents that are not restricted to a specific 
sector by their investment mandate stated an 
interest in investing in Sustainable Mobility 
in the next three to five years, even those


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interest in investing in Sustainable Mobility 
in the next three to five years, even those 
investors that have not made any Sustainable 
Mobility investment in the past. 
100%
Interest in investing in SM in the next 3-5 years 
among survey respondents without specific 
sector restriction in their mandate
 — Some investors stated having Sustainable 
Mobility as a sector of focus in the near future 
is a possibility.
However, they also identify several barriers that 
currently make it harder to invest in the sector.
Reasons keeping investors from investing in 
Sustainable Mobility are interconnected: lack 
of information on the sector, a perceived lack 
of investment pipeline and a lack of financial 
attractiveness.


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•••• PART 1
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Reason 1: A lack of information on 
the Sustainable Mobility sector and 
its impact
The investor survey conducted for the purpose of 
this report shows a lack of awareness around the 
Sustainable Mobility sector as a whole. Having 
been introduced to the definition of Sustainable 
Mobility, investors seem to intuitively assume that 
Sustainable Mobility offers a lot of potential for 
impact but lack literature and data to back their 
intuition. Investors view missing impact metrics and 
indicators as a challenge to investing in Sustainable 
Mobility and would like to see standardized 
impact frameworks that would help them better


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Mobility and would like to see standardized 
impact frameworks that would help them better 
understand the sector and allow better comparison 
against other investment opportunities.
As Sustainable Mobility becomes better known to 
investors and interest is growing, more data will be 
available on the sector both from external research as 
well as investors own internal data. The data will help 
other investors understand the impact the sector can 
generate and foster additional investment.
Reason 2: Lack of investment pipeline 
and enterprises fitting investment 
criteria
Another barrier to Sustainable Mobility investment 
mentioned by investors is a perceived lack of 
pipeline. This may, in part, be caused by investment 
criteria that do not fit with the range of Sustainable


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pipeline. This may, in part, be caused by investment 
criteria that do not fit with the range of Sustainable 
Mobility opportunities. 
 — Investors focused exclusively on low-carbon 
solutions or renewable energy are restricted to 
the funding of electric vehicles and associated 
infrastructure, which is still a limited market 
in developing countries. Therefore, investors 
willing to invest in the sector are facing a small 
pipeline of investment opportunities that fit 
their existing investment criteria. 
 — Investors focused on poverty alleviation 
will mainly target rural populations. For 
these investors, finding the right investment 
opportunity in Sustainable Mobility may be 
difficult due to the limited number of rural 
Sustainable Mobility businesses.


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difficult due to the limited number of rural 
Sustainable Mobility businesses. 
Understanding the impact of Sustainable Mobility 
will help make the case that it should be a major 
investment theme and drive investors to adapt 
their investment criteria to fit Sustainable Mobility 
or create dedicated funds for Sustainable Mobility, 
encouraging early stage support to the sector. 
With additional funding, the number of early-stage 
enterprises can develop further, building a growing 
pipeline for other investors to follow.
Finca Ventures
“We are not active in mobility so far, as we 
originally thought it might be outside of 
our scope. But we recently have started to 
rethink that.” 
FMO
“It is not yet clear to us how to measure the 
impact of Sustainable Mobility  –  it would


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rethink that.” 
FMO
“It is not yet clear to us how to measure the 
impact of Sustainable Mobility  –  it would 
help to have more insights on how other 
institutions are approaching this. We are at 
an early stage of developing an investment 
thesis, from a business model and impact 
point of view.”


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The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Reason 3: Lack of financial 
attractiveness due to capex-
intensiveness, lack of proper funding 
ecosystem and infrastructure 
investment challenge
Mobility is capital-intensive. The working capital 
funding ecosystem such as the one in the energy 
access investment space (e.g. with specialist debt 
providers like Sunfunder, Trine) is not yet in place 
for Sustainable Mobility. It is thus difficult for 
investors to share risks and get sufficient return 
on their investment portfolio.
The success of entrepreneur-led solutions is 
also highly dependent on public infrastructure 
development, especially for solutions that rely on


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also highly dependent on public infrastructure 
development, especially for solutions that rely on 
infrastructure that currently does not exist or is 
not in a good state. This is often the case for any 
logistics or transport services in rural areas, where 
proper roads connecting the region to cities may 
not exist. Before proper mobility services can be 
developed, roads must be in fit for the vehicles to 
reach their destination relatively independent from 
weather conditions.
These issues can be tackled through public-
private partnerships and investment from DFIs, 
allowing investments with a higher risk and 
capex-intensity.
In addition, financial attractiveness for 
businesses that focus only on low-income 
customers is challenging. Finding sustainable


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businesses that focus only on low-income 
customers is challenging. Finding sustainable 
models will likely require much testing and 
iteration, so grants and other ‘softer’ financial 
instruments are likely to be required by early 
stage entrepreneurs. Energy access businesses 
have been supported by a wide range of grant 
facilities (e.g. Africa Enterprise Challenge Fund, 
USAID’s Scaling Off-grid Challenge) to test early-
stage business models. 
By providing a better understanding of the impact 
of Sustainable Mobility, and making the case for 
increased impact investment, this report aims to 
play a small part in resolving some of the barriers 
currently holding back impact investment into 
Sustainable Mobility.
CDC
“There is a first mover disadvantage in


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currently holding back impact investment into 
Sustainable Mobility.
CDC
“There is a first mover disadvantage in 
e-mobility investment due to non-existent 
infrastructure. As a DFI, we are able to 
take on higher-risk transactions to help 
accelerate the transition, and to crowd in 
more private capital.” 
Gala Impact Fund
“It’s a capex-intensive business that hasn’t 
at the moment the right type of working 
capital ecosystem we find in energy access. 
This should be changing quite rapidly as 
leasing majors are getting interested in the 
sector.”


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Security systems
Vehicle ﬁnance
Electric/fuel-eﬃcient/
clean-fuel vehicles
TYPES OF 
SOLUTIONS
SMV’s impact accross 
all dimensions of 
Sustainable Mobility
Uttar Pradesh:
Varansi: E-rickshaw + 
smart charge
Allahabad: E-rickshaw + 
Vahini
Lucknow: E-rickshaw
Bihar
Batna: E-rickshaw
Established 
in 2015 and 
SF partner from 
2017-2021
India (Uttar 
Pradesh and 
Bihar)
78 employees
Seed Round / 
$2.2 million raised 
(2020)
Up to 350%
increase in drivers’daily 
income in the last 3 years, 
from $3 to $11-13
180%
average income growth for 
women drivers, with up to 350% 
increase for some of them
Marginalised 
communities
SMV targets rickshaw pullers, 
unemployed youth and 
low-income women
Women 
entrepreneurs
are provided with driving 
training, license and ﬁnancial


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unemployed youth and 
low-income women
Women 
entrepreneurs
are provided with driving 
training, license and ﬁnancial 
support to become owners 
and drivers of e-rickshaws
$1.5 million 
revenue 
(FY2018-19)
1,500 e-rickshaw 
drivers (2020)
Figure 8
Safety
E-rickshaws equipped with 
camera and GPS tracking, 
ensuring safety of both women 
drivers and passengers
E-mobility in high 
pollution areas
4 of the 6 cities SMV 
operates in are in the
 top 15 most polluted cities 
worldwide in 2018
3k Mt C02
Avoided compared 
to combustion engines thanks 
to SMV’s e-rickshaws in 
the last 5 years
Battery swap
stations provide 
SMV drivers with high-mileage 
batteries, enabling a 30% 
additional income increase
 for drivers
Poverty 
alleviation Gender inclusion
Health and safety Climate change
19
•


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additional income increase
 for drivers
Poverty 
alleviation Gender inclusion
Health and safety Climate change
19
•
Pioneering e-rickshaw ownership  
in India
SMV Green Solutions was founded in 2015 and 
works with low-income communities across Bib.7 
cities in India to enable them to own e-rickshaws 
as livelihood generating assets. As a distributor 
for e-rickshaws, SMV’s primary revenue channel is 
B2C rickshaw sales, as well as also providing allied 
services: access to asset financing and a pay-per-
use battery swap service, helping drivers avoid long 
charging times. 
SMV have supported 1,800 traditional rickshaw 
drivers to become e-rickshaw owners, improving 
their business and health while providing safe, 
clean and affordable mobility to their customers.


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their business and health while providing safe, 
clean and affordable mobility to their customers. 
Access to vehicle financing from formal financial 
institutions allows drivers to leave the informal 
rental system, receiving vehicle registration, 
insurance and license support and training on road 
safety, business and financial literacy. 
Additionally, as part of its scale-up strategy,  
SMV is seeking equity funding and intends to raise  
$ 2 million in 2021 for branding, expansion, and 
new product development.
Gender at the heart of e-mobility 
SMV’s project “Vahini” supports women to become 
e-rickshaw owner drivers transporting exclusively 
female passengers. The Vahini program is a step to 
drive gender parity in the transport sector in India,


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female passengers. The Vahini program is a step to 
drive gender parity in the transport sector in India, 
empowering women from low-income communities 
and helping reduce inequalities within Indian cities. 
SMV provides access to financial services, business 
and financial literacy training and measures to 
ensure women’s safety (e.g. equipping rickshaws 
with surveillance cameras), all to address specific 
barriers and social taboos that have constrained 
gender inclusion in the sector.


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Offering decent work conditions  
to drivers
SMV Green Solutions has improved the lives 
of over 1,800 electric rickshaw drivers to date, 
contributing significantly to poverty alleviation 
through improving their financial earnings. 
Receiving support from SMV enables drivers 
to access formal financial services required to 
acquire a rickshaw without having to rent their 
rickshaw through informal providers at a much 
higher cost. The daily instalments for rickshaw 
loans are on average around 1/3 lower than the 
daily rent for a rickshaw, enabling drivers to 
significantly increase their income while becoming 
owners of the underlying asset. 
SMV helps to improve drivers' health and safety 
through the specific nature of the enterprise. 
Upgrading drivers from manual rickshaws to


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through the specific nature of the enterprise. 
Upgrading drivers from manual rickshaws to 
e-rickshaws relieves them from the strenuous 
physical labour they were formerly undertaking, 
and driver training courses help reduce the risk of 
serious accidents for both driver and passengers. 
― Gender focus: SMV’s project Vahini provides 
decent work  to women, allowing them to 
generate an income whilst offering a high level 
of work flexibility. By the end of 2019 SMV had 
trained 98 Vahini (female rickshaw drivers), 
of which ~23% were previously unemployed 
and 55% underemployed (earning 3k-5k INR/
Month). The project focuses not only on training 
and supporting the Vahini during the often 
bureaucratic application processes for licenses,


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and supporting the Vahini during the often 
bureaucratic application processes for licenses, 
bank credit etc, but by having in place adequate 
means to ensure their safety while they are 
working. 
Making transport safer and more 
affordable for male and female 
passengers
Customers of SMV Green Solution benefit from 
the formalisation of a driver-based business model 
that is more regulated and offers more stable 
and transparent fares improving the customers’ 
own economic stability. A survey among SMV 
passengers shows that young commuters in general 
feel safer and more comfortable riding with a Vahini.
― Gender focus: The security system installed in Vahini 
rickshaws increases security in transportation for 
both female drivers and passengers. The security


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rickshaws increases security in transportation for 
both female drivers and passengers. The security 
system both acts as a key enabler for women to 
sign up to be Vahini, as well as reduces the common 
concerns of female passengers being transported 
on their own by a male driver, indirectly improving 
their access to mobility. Survey results show 
security concerns are a key issue that commonly 
prevents women from using mobility services, with 
young women between 15-35 years preferring 
to travel with female drivers where available.  
At present female passengers constitute 60% of the 
Vahini’s e-rickshaw users.
Generating positive economic  
and environmental impact beyond 
customers
SMV’s support for registration enables drivers to 
act as a formal business. Where formerly drivers


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customers
SMV’s support for registration enables drivers to 
act as a formal business. Where formerly drivers 
were renting rickshaws from informal providers, 
they now purchase their vehicle from a formal 
vendor through bank financing, which in itself 
represents a positive economic impact. Authorities 
are able to better regulate a market of formal 
businesses and generate tax and other revenues, 
ultimately stabilising the local economy. 
Pedestrians are among the most vulnerable to 
safety issues linked to road traffic accidents. Driving 
and safety training can help reduce the number of 
deaths and injuries for the local community that is 
impacted by a means of transportation even if they 
are not actively using it. The average yearly accident


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impacted by a means of transportation even if they 
are not actively using it. The average yearly accident 
rate in male drivers is around 5% while in the case of 
female e-rickshaw drivers it is 2% (estimates based 
on SMV's customer base of 1,800+). 
While the e-rickshaws provided by SMV directly 
replace ICE-based rickshaws, they also prevent 
the upgrade of manual rickshaws to ICE-based 
vehicles and by providing charging infrastructure 
and a battery swap service, pave the road for 
greater adoption of cleaner vehicles in the 
future. SMV has piloted both on-grid and off-grid 
battery swapping stations with off-grid smart 
charge stations powered by bio-gas, whilst using 
grid power in urban areas.


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Figure 9
United Nations Sustainable Development Goals
21
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•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
According to a survey of 30 impact investors, 100% 
stated that a lack of information on the impact 
of Sustainable Mobility is currently hampering 
investment in the sector. This section examines the 
different impacts of different types of Sustainable 
Mobility solutions.
Sustainable Mobility 
enterprises, through their 
variety, generate a wide 
range of direct and indirect 
impacts contributing to 
various SDGs
Sustainable Mobility solutions have 
been analysed in order to identify the 
impact they generate on the 17 SDGs 
Covering a wide range of issues, from poverty to


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impact they generate on the 17 SDGs 
Covering a wide range of issues, from poverty to 
environmental protection, the SDG framework 
enables a comprehensive approach to impact 
assessment and is already globally and widely 
acknowledged by impact investors2.
Each type of Sustainable Mobility solution has 
been analysed in order to identify its potential 
contribution to the 17 SDGs and 169 associated 
SDG targets. Impacts are categorized as core, 
direct, indirect or project-specific3:
 — Core: material impact and directly relevant to 
the core mission of the solution.
• All Sustainable Mobility enterprises have “core” 
impact contributing to Sustainable Cities and 
Communities (SDG 11), especially providing 
access to safe, affordable, accessible, and


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Communities (SDG 11), especially providing 
access to safe, affordable, accessible, and 
sustainable transport systems for all (11.2).
Proving the impact case for 
Sustainable Mobility
2
FMO
“We work with SDGs internally and 
communicate on them and the broader 
story [of our investments].” 
2 The Global Impact Investing Network (GIIN), a non-profit 
organization and worldwide network dedicated to impact 
investing, assessed in its 2020 Annual Impact Investor Survey 
[43] that the majority of impact investors use the SDGs to set 
impact objectives (52% of impact investors), measure (37%) and 
report (48%) on impact performance. The use of this framework 
is even more predominant among the investors interviewed 
for this report, two thirds of them using it as main impact


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is even more predominant among the investors interviewed 
for this report, two thirds of them using it as main impact 
assessment framework and/or adapting it to adjust for specific 
investment mandates.
3 This approach is in line with what is referred to as ‘materiality 
analysis’ in impact evaluation methodology literature


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The case for impact investment in sustainable mobility  
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Enea Consulting – July 2021
• Impacts on other SDGs may also be considered 
as “core” if they are directly and materially 
linked to the enterprise’s core mission (e.g. 
financial solutions for vehicle ownership have 
a core impact on SDG target 1.4 Ensure equal 
rights to economic resources and basic services).
 — Direct: direct and material impact brought by 
the existence of the solution. As an example, 
navigation and mapping tools have a direct 
impact on SDG Target 7.3 Increase substantially 
the global rate of improvement in energy 
efficiency, because their existence leads to 
reduced traffic jams and shorter distances 
travelled by vehicles, thus improving energy


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reduced traffic jams and shorter distances 
travelled by vehicles, thus improving energy 
efficiency of the transportation sector, even 
though it may not be the core mission of 
companies providing such tools. 
 — Indirect: less material impact and/or indirectly 
brought by the existence of the solution. For 
instance, traffic coordination solutions tend to 
reduce time on transport and clear valuable time, 
which can be used for more productive purposes, 
but not necessarily. This is why they have an indirect 
impact on SDG target 8.2 Achieve higher levels 
of economic productivity through diversification, 
technological upgrading and innovation. 
 — Project-specific: potential material impacts 
that only occur when specific criteria are met


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— Project-specific: potential material impacts 
that only occur when specific criteria are met 
by the underlying enterprise (location, context, 
company actions). These criteria can be met by 
some enterprises, and will thus have specific 
impacts, while other enterprises within the 
same type of solution will not meet them. Here 
are a few illustrating examples:
• A ride-hailing company may propose low fares 
in a relatively poor geographical area and thus 
have an impact on SDG 1.4 Ensure equal rights 
to economic resources and basic services;
• A company may take specific actions to promote 
women’s leadership and thus have an impact on 
SDG target 5.5 Ensure women’s participation 
and equal opportunities for leadership at all 
levels of decision-making in political economic


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and equal opportunities for leadership at all 
levels of decision-making in political economic 
and public life. 
Sustainable Mobility enterprises also generate 
impacts for different types of beneficiaries: 
customers of the solution, employees of the 
company, local community and lastly society (see 
Figure 10).
Figure 10
IIllustration of potential impacts of Sustainable Mobility among different beneﬁciaries 
in developing countries
Working for a mobility business 
(e.g.driver)
CORE/DIRECT IMPACT INDIRECT IMPACT PROJECT SPECIFIC IMPACTProject beneﬁciaires
e.g. SDG 1
Using mobility solution for 
personal transportation needs
Customer
Employee
Residents of the area served/ 
aﬀected by a solution
Local community
Society
Access to aﬀordable 
transportation
e.g. SDG 8
Job opportunities for


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aﬀected by a solution
Local community
Society
Access to aﬀordable 
transportation
e.g. SDG 8
Job opportunities for 
untrained and poor
e.g. SDG 8
Economic growth due to 
created jobs and income
e.g. SDG 3
Cleaner air due to cleaner 
/ more eﬃcient transport 
system
e.g. SDG 4.3
Improved access to 
education through faster / 
safe transport options 
e.g. SDG 4.3
Increased access to health 
care through increase income
e.g. SDG 8.2
Increased access to goods 
improves economic possibilities
e.g. SDG 8.4
Less adverse eﬀects on 
environment due to reduced 
traﬃc jams / congestion
e.g. SDG 5
Safer transport for women 
due to compagny choice to 
install security system
e.g. SDG 5 & 10
Job opportunities for women 
due to company eﬀorts
e.g. SDG 5 & 10
More inclusive communities due


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e.g. SDG 5 & 10
Job opportunities for women 
due to company eﬀorts
e.g. SDG 5 & 10
More inclusive communities due 
a higher share of women working
e.g. SDG 7
Cleaner air because of electric 
vehicles


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The results of the materiality analysis 
show that Sustainable Mobility has a 
core positive impact on health  
and safety, socio-economic 
development, and the environment, 
across all solution types 
Three main types of impact concern all 
Sustainable Mobility solution types: 
 — Improved health and safety: from reduced 
road traffic accidents and improved individual 
security to reduced air pollution, Sustainable 
Mobility solutions improve health outcomes.
 — Enhanced socio-economic development 
and inclusion: by providing increased or 
improved access to mobility, Sustainable 
Mobility enterprises contribute to economic 
development, business formalization and job 
creation. 
 — Reduced carbon footprint of transportation: 
many Sustainable Mobility enterprises reduce


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creation. 
 — Reduced carbon footprint of transportation: 
many Sustainable Mobility enterprises reduce 
the impact of transportation on greenhouse 
gas (GHG), either replacing or decreasing the 
use of more polluting solutions. 
These core positive impacts of Sustainable Mobility 
contribute to four main SDGs and associated 
targets, which are presented in Figure 11. 
23
•
TargetSDG
Ensure equal rights to economic 
resources and basic services
1.4 
Provide access to safe, affordable, 
accessible and sustainable  
transport systems for all
Reduce the adverse 
environmental impact of cities
11.2  
11.2  
Substantially reduce the number 
of global deaths and injuries 
from road traffic accidents
Substantially reduce the number 
of deaths and illnesses from (…) 
pollution and contamination


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Substantially reduce the number 
of deaths and illnesses from (…) 
pollution and contamination
3.6 
3.9
Sustain economic growth in least 
developed countries
Support decent job creation  
and formalisation
Reduce proportion of youth not 
in employment
8.1
8.3 
8.6 
Figure 11
Core identified SDGs of Sustainable Mobility 
enterprises


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•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
However, Sustainable Mobility 
enterprises have many potential 
additional impacts which vary according 
to the type of solution
In addition to the core impacts that can be found 
across the entire range of Sustainable Mobility 
solutions, the different Sustainable Mobility solution 
types (see segmentation presented in Figure 6) can 
generate different impacts that are inherent to the 
solution type, but not Sustainable Mobility as a whole. 
These impacts vary between the solution types, 
according to their:
 — Target customers: e.g. ride-hailing companies 
mostly have a B2C model while vehicle 
asset finance companies target ride-hailing


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mostly have a B2C model while vehicle 
asset finance companies target ride-hailing 
entrepreneurs within a B2B model.
 — Underlying assets: innovation based on 
software (e.g. navigation and mapping tools) 
or hardware technology (e.g. cleaner vehicles 
and infrastructure), activity requiring a 
large number of employees (e.g. ride-hailing 
platforms, delivery services and other driver-
based businesses) or not (e.g. GHG emissions 
measurement solutions), etc.
 — Business model: solutions that favour  
a low-cost high-volume model (e.g. mass-
movement transit systems), or that favour 
a high-cost and lower-volume model (e.g.  
ride-hailing), etc.
 — Funding source: solutions that mostly develop 
publicly funded projects (e.g. mass-movement 
public transport, improved roads, etc.) or


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publicly funded projects (e.g. mass-movement 
public transport, improved roads, etc.) or 
privately funded projects (e.g. delivery services, 
bike-sharing stations, ride-hailing, etc.).
As a result, the impacts generated by Sustainable 
Mobility, which can be both direct or indirect, are 
quite diverse and go far beyond the four SDGs 
identified as core to Sustainable Mobility. Below are 
a few examples of Sustainable Mobility solution types 
having strong impacts: 
 — Security systems (e.g. security cameras on 
vehicles, used by SMV Green Solutions in India) 
increase safety for both drivers and passengers 
and thus tend to increase socio-economic 
inclusion especially for women (both drivers 
and passengers). 
> Indirect impact on SDG target 5.1 End all forms


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inclusion especially for women (both drivers 
and passengers). 
> Indirect impact on SDG target 5.1 End all forms 
of discrimination against all women and girls 
everywhere.
 — Mass-movement transit systems for both 
people (e.g. public transport, Matatu services 
like Easy Matatu in Uganda) and goods (large 
logistics companies aggregating large amounts 
of freight like Twiga in Kenya) as well as shared 
mobility typically replace individual motorized 
transport by more collective mobility solutions.
> Generate energy efficiency gains (contributing 
to SDG target 7.3 Increase substantially the 
global rate of improvement in energy efficiency).
 — Affordable mobility solutions like ride-sharing 
services or mass-movement systems (public 
transport) can overcome the geographical barriers


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services or mass-movement systems (public 
transport) can overcome the geographical barriers 
that reduce access to education, providing students 
with an affordable way to commute to school. 
> Indirectly contribute to SDG target 4.3 Ensure 
equal access to affordable and quality education 
for all.


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•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
In addition, Sustainable Mobility 
enterprises can also generate impact 
due to their specific context or actions, 
such as management’s pursuit of an 
impact goal
Finally, several impacts generated by Sustainable 
Mobility enterprises are specific to the enterprise 
and its location, context, customer segment or 
internal company policy. Some examples are listed 
below:
 — An agribusiness logistics company (traffic 
coordination for goods) that coordinates food 
transportation will tend to increase agricultural 
productivity and reduce food losses along 
production and supply chains, thus contributing 
to the following SDG targets


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production and supply chains, thus contributing 
to the following SDG targets 
• 2.A Increase investment in rural infrastructure 
and agricultural systems to enhance agricultural 
productive capacity in developing countries 
• 12.3 Substantially decrease per capita global 
food waste and reduce food losses along 
production and supply chains.
 — A waterborne transport solution (e.g. ferry or 
water taxi), if designed in a way that generates 
less pollution than a previous solution, can have 
a positive impact on marine biodiversity and 
thus contribute to the following SDG targets 
• 14.1 Prevent and significantly reduce marine 
pollution of all kinds 
• 15.1 Ensure the sustainable use of terrestrial 
and inland freshwater ecosystems and their 
services.


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• 15.1 Ensure the sustainable use of terrestrial 
and inland freshwater ecosystems and their 
services.
 — Companies that focus on women’s employment 
and participation in management positions within 
the organisation, thus contributing to SDG target 
• 5.5 Ensure women’s participation and equal 
opportunities for leadership at all levels of 
decision-making in political economic and 
public life.
 — Companies that strive to provide the same work 
conditions and wage to all workers, both men 
and women, contributing to SDG target 
• 8.5 Achieve full and productive employment and 
decent work for all women and men, and equal 
pay for work of equal value.
 — Companies that provide better protection of 
labour rights for mobility workers, contributing 
to SDG target


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— Companies that provide better protection of 
labour rights for mobility workers, contributing 
to SDG target 
• 8.8 Protect labour rights and promote safe and 
secure working environments for all workers.
 — Newly formalised businesses generate a new 
source of tax revenues for local governments, 
contributing to SDG target 
• 17.1 Strengthen domestic resource mobilisation 
to improve domestic capacity for tax and other 
revenue collection.
Sustainable Mobility enterprises thus generate a 
wide range of impacts contributing to the SDGs 
presented in Figure 12.1 and 12.2 and offering investors 
a variety of solutions to fit their investment criteria.


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26
•
12
₁ Key impacts cover the core, direct and indirect impacts of Sustainable Mobility enterprise types
TYPES OF 
SOLUTIONS Key impacts 1
Emissions 
measurement
Cleaner vehicles 
and infrastructure
Traﬃc coordination 
solutions
Navigation and 
mapping tools
Non-motorised 
transport
Shared mobility
Mass-movement 
systems
Security systems
Improved roads
Vehicle ﬁnance
Delivery services
Connecting isolated
communities
Ride-hailing
Health and safety
Economic growth 
and formalisation 
of businesses
Poverty alleviation
Figure 12.1
Sustainable Mobility, key impacts
Climate change
87 9 11
3
8 10 11
5
21 4 8
10 11
SDG
Clean 
water and 
sanitation
6
Aﬀordable
and clean
energy
7
Decent work 
and economic 
growth
8
Industry, 
innovation and 
infrastructure
9
Reduced
inequalities
10
Sustainable


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7
Decent work 
and economic 
growth
8
Industry, 
innovation and 
infrastructure
9
Reduced
inequalities
10
Sustainable 
cities and 
communities
11
Responsible 
consumption 
and
 production
12
Life 
below 
water
14
Climate 
action
13
Peace, 
Justice 
and strong 
institutions
16
Life on land
15
Partnerships
for the 
goals
17
No hunger
2
No poverty
1
Good 
health and 
well-being
3
Gender
equality
5
Quality 
education
4
Gender inclusion is a topic that is gaining signiﬁcant momentum among all types of investors. Many enterprises 
in the Sustainable Mobility sector and beyond are launching initiatives to better support women, who are often among 
the most vulnerable groups. Across the Sustainable Mobility, Gender impact is delivered mostly through project speciﬁc


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the most vulnerable groups. Across the Sustainable Mobility, Gender impact is delivered mostly through project speciﬁc 
interventions taken directly by the enterprises, rather than necessarily due to the underlying solution itself (i.e. a ride 
hailing enterprise that purposefully hires female drivers). This approach allows signiﬁcant gender impact to be generated 
across almost all Sustainable Mobility solutions. Thus gender impact is critically imbedded within Sustainable Mobility 
at a project level as detailed in Figure 12.2.   
What about Gender inclusion?
Main targeted impact 
Other key impacts


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27
•
3 4
6
6
15141051183
₁ Key impacts cover the core, direct and indirect impacts of Sustainable Mobility enterprise types
₂ Project-speciﬁc impacts cover the impacts that are speciﬁc to the enterprise and either its location, context, customer segment or internal company policy. SM can have both 
key impact and project-speciﬁc impact related to one SDG via the diﬀerent SDG targets that it covers. In that case the SDG will be represented in the key impacts only.
TYPES OF 
SOLUTIONS
Shared mobility
Mass-movement 
systems
Security systems
Improved roads
Vehicle ﬁnance
Delivery services
Connecting isolated
communities
Ride-hailing
Figure 12.2
Sustainable Mobility,  key and project-speciﬁc impacts
Key impacts 1 Project-speciﬁc impacts 2 
Emissions 
measurement
Cleaner vehicles


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Key impacts 1 Project-speciﬁc impacts 2 
Emissions 
measurement
Cleaner vehicles 
and infrastructure
Traﬃc coordination 
solutions
Navigation and 
mapping tools
Non-motorised 
transport
SDG
9 127
7
7
7
7
7
7
7
7
7
1183 12
11
11
8
8
3 12
1183 12
2
2
2
91 1514105
5 10
105
1 10 12
4 1181 3 10 12
4 1181 3 10 12
5 9
5
1514965
10853
96511108431
1 3 5 11 12108
121110653
2 1211653
841
1081
65111084321
Clean 
water and 
sanitation
6
Aﬀordable
and clean
energy
7
Decent work 
and economic 
growth
8
Industry, 
innovation and 
infrastructure
9
Reduced
inequalities
10
Sustainable 
cities and 
communities
11
Responsible 
consumption 
and
 production
12
Life 
below 
water
14
Climate 
action
13
Peace, 
Justice 
and strong 
institutions
16
Life on land
15
Partnerships
for the 
goals
17
No hunger
2


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action
13
Peace, 
Justice 
and strong 
institutions
16
Life on land
15
Partnerships
for the 
goals
17
No hunger
2
No poverty
1
Good 
health and 
well-being
3
Gender
equality
5
Quality 
education
4
Main targeted impact 
Other key impacts


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•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Sustainable Mobility 
generates core impacts in 
terms of health and safety, 
economic development  
and social inclusion
Sustainable Mobility solutions are 
helping tackle public health and safety 
challenges in developing countries
Sustainable Mobility has a core and direct impact on 
health and well-being through three levers: a reduced 
number of deaths and injuries from transportation 
accidents, improved safety within different means of 
transportation, and a reduced number of deaths and 
illnesses caused by air pollution
Reduced number of deaths and 
injuries caused by traffic accidents
Globally, 800,000 deaths could be avoided per year


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Reduced number of deaths and 
injuries caused by traffic accidents
Globally, 800,000 deaths could be avoided per year 
if all countries reduced their road traffic fatalities 
to OECD level, according to Sustainable Mobility 
for All Bib.10. The following types of Sustainable 
Mobility enterprises directly contribute to 
decreasing the number of fatalities, injuries and 
crashes from accidents across the different modes 
of transport, road transport being the main source 
of transportation accidents: 
 — Mass-movement transportation enterprises, 
whether for people (public or private transport 
service providers, e.g. Easy Matatu in Uganda) 
or for goods (large freight transportation 
companies), as well as any other solution 
aggregating multiple passengers (shared


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companies), as well as any other solution 
aggregating multiple passengers (shared 
mobility solutions, e.g. WiiMove in Brazil) or 
goods, have a direct impact on the decrease of 
traffic by reducing the use of private cars for 
passengers and smaller freight transportation 
vehicles for goods. The decrease in traffic 
reduces the risks of accidents and entailed 
deaths and injuries. 
 — Traffic coordination systems and navigation 
and mapping tools  regulate traffic by 
providing guidance for vehicles, thus reducing 
the risk of traffic jams and accidents resulting 
from over-congestion. Moreover, those same 
solutions can also warn drivers when an 
accident has occurred, via a physical warning 
sign or via a community-powered notification 
for GPS navigation tools, reducing the risk of


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sign or via a community-powered notification 
for GPS navigation tools, reducing the risk of 
follow-on collisions. 
 — Enterprises developing or integrating security 
systems for individual or public transportation 
such as speed cameras that are among the 
most critical components in road safety 
enforcement technology, collision avoidance 
systems or brake assist in cars as well as 
personal safety equipment as provided by 
SafeBoda in Uganda and Kenya (see case study 
in Figure 14 ) reduce the incidence of traffic-
related injuries and deaths. 
 — Solutions improving road conditions 
and access pathways for motorized and 
non-motorized transport (roads, pavements, 
bicycle lanes, bridges, etc.) decrease the risk 
of vehicle, bicycle or pedestrian accidents.


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bicycle lanes, bridges, etc.) decrease the risk 
of vehicle, bicycle or pedestrian accidents. 
According to WHO Bib.31, more than half of all 
road traffic deaths are among vulnerable road 
users: pedestrians, cyclists, and motorcyclists. 
The creation of appropriate roads or 
dedicated lanes for them has a significant 
impact on their safety. 
93%
of worldwide road traffic fatalities occur in low- 
and middle-income countries Bib.13
Substantially reduce the number 
of global deaths and injuries 
from road traffic accidents
Substantially reduce the number 
of deaths and illnesses from (…) 
pollution and contamination
3.6 
3.9
Figure 13
SDG target related to the core impacts of 
Sustainable Mobility on health and safety
TargetSDG


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Security systems
Ride-hailing
TYPES OF 
SOLUTIONS
SafeBoda’s impact 
on road safety 
SafeBoda motorcycle is a motorcycle taxi ride-hailing 
platform that allows the end consumer of the taxi service
to order a ride performed by drivers who are trained in 
road safety, ﬁrst aid, bike maintenance and customer 
care and who are tracked by GPS.
The platform also manages customer payments and driver 
commissions. SafeBoda passengers beneﬁt from the 
increased reliability and standard of service, as well as 
visibility on pricing and usage. Online payments allow 
the customer to build a credit history which can 
beneﬁt them in the future.
— Drivers are trained in road safety, ﬁrst aid, bike maintenance 
     and customer care.
— Drivers are provided with hairnets and a spare helmet.


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and customer care.
— Drivers are provided with hairnets and a spare helmet.
— Drivers are identiﬁable and trackable through a GPS system.
Established 
in 2014 and 
SF partner 
since 2015
Uganda
200 employees
$28 million raised 
(by 2020)
39%
Less likely 
to be involved 
in road traﬃc 
accidents than 
regular drivers
670,000
Customers of 
safer motorcycle 
taxi rides
2+ 
million
App journeys 
per month
$5 million per 
annum revenue
16,000 motorbike 
drivers (2020)
Figure 14
29
•
Increased security in transportation 
for both customers and drivers
Enterprises developing or integrating security 
systems for driver-based businesses (e.g. SafeBoda 
in Uganda and Kenya, see Figure 14) have significant 
impact over the security of drivers and passengers,


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in Uganda and Kenya, see Figure 14) have significant 
impact over the security of drivers and passengers, 
generating greater confidence that can prompt 
more people to take ride-hailing or collective 
transportation solutions. Security systems can 
provide both riders and passengers security 
through transparent data, driver tracking or digital 
payments. Other security items like on-board 
cameras can deter potential violent assaults and 
robberies, which can occur in public transportation 
and driver-based businesses. 
60%
of women in major Latin American cities have been 
physically harassed in public transport Bib.44
These systems are particularly vital in order to reduce 
women’s exposure to violence and harassment in 
transportation and thus reduce the perception of


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women’s exposure to violence and harassment in 
transportation and thus reduce the perception of 
travel risks that could otherwise impact women’s 
social and economic ambitions and inclusion. 
Reduced number of deaths and 
illnesses caused by air pollution
Transport is a significant contributor to air pollution, 
which generates major health issues in developing 
countries particularly in densely populated urban 
areas. Globally, it is estimated that an additional 
1.6 billion people would breathe cleaner air if 
transport pollution alone was halved Bib.10. Various 
types of Sustainable Mobility enterprises directly 
or indirectly contribute to decreasing air pollution 
from GHG and small particles caused by fossil-
fuelled vehicles: 
 — Traffic coordination systems and navigation


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from GHG and small particles caused by fossil-
fuelled vehicles: 
 — Traffic coordination systems and navigation 
and mapping tools, acting as traffic regulators, 
reduce the risk of congestion and the 
significant emission of air pollutants. Vehicles 
burn the most fuel while accelerating to get 
up to speed, and thus stop-and-go congested 
traffic leads to higher quantities of pollutants 
released into the air.
 — Solutions that tend to decrease road traffic 
by aggregating passengers or freight – such as 
mass-movement transportation  enterprises 
for people and goods or shared mobility 
solutions – decrease air pollution caused by 
this traffic.


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Cleaner vehicles
Ride-hailing
TYPES OF 
SOLUTIONS
Ampersand’s impact 
on health
Ampersand is introducing electric motorcycles to the 
motorcycle taxi market in East Africa, with an initial focus 
on the Rwandese market. By using a battery swap model, 
Ampersand makes it cheaper to buy and operate an electric 
motorcycle than a petrol motorcycle. The company also 
partners with asset ﬁnance compagnies to enable scaling 
and uptake by boda (motorcycle taxi) drivers.
Ampersand’s long term vision is to become a vehicle-to-grid 
pioneer in emerging markets, leapfrogging East Africa to a 
low-carbon future. The company aims at expanding to 
Kenya and Uganda in 2021-2022, targeting 5 million 
potential customers in East Africa.
Established 
in 2016 and 
SF partner 
since 2019
East Africa


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potential customers in East Africa.
Established 
in 2016 and 
SF partner 
since 2019
East Africa 
(Rwanda)
43 employees
Seed / $1.75 million 
raised (2020)
$8.3 thousand per 
month revenue
40 motorbikes in 
operation (2020)
— Lifecycle greenhouse gas emissions of Ampersand’s motorcycles   
     are  reduced by 98% compared to petrol motorbikes 
     when using renewable power.
— Rwanda’s e-motorbike market is bolstered since its government’s
     announcement to transition Rwanda’s 100,000 motorcycles to electric.
— Ampersand motorbikes cost less to acquire and operate than 
     fuel motorcycles, saving each driver over $500 a year.
100M
people transported
 by motorcycle taxis 
everyday in East 
Africa
-75%
lifecycle greenhouse gas 
emissions produced using 
grid power, compared to


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everyday in East 
Africa
-75%
lifecycle greenhouse gas 
emissions produced using 
grid power, compared to 
petrol motorbikes
157, 000 tons
C02-eq emissions each year 
that could be avoided 
converting Kigali’s 30,000 
motorbikes to electric
45 tons
avoided CO2-equivalent 
emissions resulting from 
the use of Ampersand’s 
e-motorbikes
Figure 15
CO2
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
 — Cleaner vehicles and infrastructure, including 
fuel-efficient, electric, biofueled and other 
clean-fuel vehicles (cars, trucks, motorcycles, 
scooters and other soft mobility vehicles) emit 
less or no pollution locally compared with 
fossil-fuelled vehicles. Examples of Sustainable


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less or no pollution locally compared with 
fossil-fuelled vehicles. Examples of Sustainable 
Mobility enterprises relying on cleaner vehicles 
and infrastructure include Ampersand, an 
electric motorcycle taxi enterprise in Rwanda 
(see Figure 15), or Waterbus, a Kenyan enterprise 
operating fuel-efficient ferries on Lake Victoria 
(see Figure 20).
4.2 million
Outdoor air pollution in both cities and rural areas 
was estimated to cause 4.2 million premature 
deaths worldwide in 2016, 91% of which in low- 
and middle-income countries Bib.45
Sustainable Mobility plays an important role in 
improving health and safety directly, making 
transport safer for drivers, passengers and the 
public, reducing the risk of accidents as well as 
improving the general safety while on transport.


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public, reducing the risk of accidents as well as 
improving the general safety while on transport. 
It contributes indirectly to improved health, 
through the reduction of air pollution, not 
only when cleaner vehicles and infrastructure 
are deployed, but also because Sustainable 
Mobility solutions can reduce the total number 
of trips taken. Lastly, Sustainable Mobility 
enterprises have proven their relevance in 
light of the COVID 19 pandemic, offering their 
services to improve access to health services, 
transporting drugs and medical supplies as well 
as other essential goods. For example, during 
the lockdown in Uganda, SafeBoda drivers 
ensured access to reproductive health products, 
delivering them directly to consumers.


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•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Sustainable Mobility solutions have 
a major impact on socio-economic 
development and inclusion
 
Sustainable Mobility is a driver  
for poverty alleviation
 
Another core impact of Sustainable Mobility 
enterprises is an improved access to affordable 
mobility, which is a major lever to lift low-income 
populations out of poverty. According to 
Sustainable Mobility for All Bib.10 , an additional 
one billion people would be connected to 
education, health and jobs if we close the access 
to mobility gap in rural areas. To close this gap 
and fight poverty, Sustainable Mobility solutions 
can rely on four main levers: increased mobility


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and fight poverty, Sustainable Mobility solutions 
can rely on four main levers: increased mobility 
of the low-income populations (“bottom of the 
pyramid”), increased access to basic resources, 
increased purchasing power resulting from more 
affordable transportation, and increased income 
for mobility employees. 
Increased mobility for low-income 
households 
Increased access to mobility is an essential impact 
of Sustainable Mobility, as it is an enabler for 
opportunities contributing to socio-economic 
development and inclusion, from access to 
basic resources and services to education and 
employment, all contributing to improvements 
in the overall standard of living of low-income 
populations. The types of Sustainable Mobility 
enterprises providing increased mobility for the


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populations. The types of Sustainable Mobility 
enterprises providing increased mobility for the 
bottom of the pyramid are the following: 
 — Enterprises providing passenger transportation 
solutions, such as mass-movement 
transportation systems like Easy Matatu in 
Uganda which allows passengers to pre-book 
their seat on a matatu, shared mobility  
(e.g. WiiMove in Brazil) non-motorized 
transport e.g. solutions offering bike rental 
infrastructure or supporting entrepreneurs 
opening bike shops, ride-hailing (e.g. MAX, 
vehicle financing provider for motorcycle taxis 
in Nigeria) or transport solutions connecting 
isolated communities (e.g. Waterbus on the 
Lake Victoria, providing efficient and reliable 
transport to passengers across the lake). To


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Lake Victoria, providing efficient and reliable 
transport to passengers across the lake). To 
have an impact on the low-income populations, 
particularly in rural areas, enterprises can 
either propose lower transport fares compared 
to existing solutions and/or expand their 
geographical coverage to underserved areas. 
 — Vehicle financing solutions e.g. motorcycle 
financing enterprise Tugende in Uganda 
(see Figure 23 ) or e-rickshaw financer SMV 
in India (see Figure 8 ) enable both private 
individuals and entrepreneurs access to 
vehicle ownership, which they can then use 
for personal use and/or to open a driver-based 
business. These solutions offer their financing 
services to previously unbankable clients not 
only helping them own a vehicle, but also build


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services to previously unbankable clients not 
only helping them own a vehicle, but also build 
credit history for the future. 
70%
In 2016, one third of the rural population in 
Africa lacked access to all season roads and 
transport services Bib.9
TargetSDG
Ensure equal rights to economic 
resources and basic services
1.4 
Figure 16
SDG target related to the core impacts of 
Sustainable Mobility on poverty alleviation


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•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Increased access to basic resources 
and services
Sustainable Mobility can provide low-income 
populations who lack available mobility solutions 
with increased access to basic resources, including 
both goods  – food, water, essential consumer 
goods – and services (education, employment, 
healthcare, etc.), through: 
 — Enterprises providing increased mobility to 
the bottom of the pyramid (see paragraph 
“Increased mobility for low income households” 
for the different types of enterprises 
concerned), improving their access to education 
centres (schools and universities), healthcare 
(hospitals, doctor surgeries, etc.) and widening


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centres (schools and universities), healthcare 
(hospitals, doctor surgeries, etc.) and widening 
the range of economic activities available to 
them. The depth of this impact is particularly 
visible in rural and urban underserved areas, 
where long travel distances isolate populations 
from basic resources and services. 
 — Enterprises transporting goods, such as 
delivery services (e.g. Tusker in India, see 
Figure 17 ) or mass-movement transportation 
systems for goods (freight transport, e.g. East 
African Twiga), as well as enterprises providing 
itinerant services (e.g. mobile healthcare units 
of Riders for Health in Sub-Saharan Africa).
263 million
people worldwide spend over 30 minutes per 
trip collecting water from sources outside  
their home


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263 million
people worldwide spend over 30 minutes per 
trip collecting water from sources outside  
their home
All these solutions contribute to SDG 1 “No 
poverty” but, as the examples above show, can 
also contribute to additional SDGs such as SDG 2 
“Zero hunger”, SDG 4 “Quality education”, or SDG 6 
“Clean water and sanitation”, which are all essential 
impacts to alleviate poverty. 
— Rural freight is hindered by poor infrastructure and dispersed 
     and disaggregated demand, limiting low-income consumers’access
     to aﬀordable essential products. 
— Goods moved include pharmaceutical products, agriculture
     produce, arts & craft and clean energy products.
20k
orders shipped per 
month though Tusker’s 
digital platform
643
jobs created for Tusker’s 
rural transporters
60%


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20k
orders shipped per 
month though Tusker’s 
digital platform
643
jobs created for Tusker’s 
rural transporters
60%
of orders moved are 
essential (pharmaceutical, 
agricultural, etc.) products
3,000
underserved rural villages 
served by Tusker
Tusker’s impact on 
poverty alleviation
Tusker is a last-mile delivery solution aggregating demand 
of freight transportation from rural businesses 
(pharmaceuticals, agriculture inputs, consumer goods, 
industrial goods,etc.) and crowdsourcing rural transporters 
through a mobile platform powered by machine learning 
algorithms that reduce distribution costs.
Tusker enhances access to aﬀordable products in rural 
regions of India for underserved communities, while 
creating jobs for local transporters.
Established 
in 2015 and 
SF partner


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creating jobs for local transporters.
Established 
in 2015 and 
SF partner 
since 2015
India
35 employees
Seed Round / $2.3 
million raised 
(2020)
$320 thousand 
revenue (FY2019)
Figure 17
Delivery services
Connecting isolated
communities
TYPES OF 
SOLUTIONS


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•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
More purchasing power for 
households as a result of more 
affordable mobility solutions 
Sustainable Mobility includes affordable mobility 
solutions that aim at providing access to mobility 
for all. These solutions can typically be expected 
to lower the financial burden that transportation 
represents for populations in low-income countries, 
and create more purchasing power to improve their 
quality of life. The solution types concerned are: 
 — Mass-movement transportation systems (e.g. 
Easy Matatu in Uganda) and ride-hailing (MAX in 
Nigeria), which tend to be more affordable when 
they are formalized, due to more transparent,


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Nigeria), which tend to be more affordable when 
they are formalized, due to more transparent, 
stable and predictable fare prices, resulting in 
improved expenditure management. 
 — Vehicle financing solutions (e.g. SMV in India) 
make vehicle ownership more accessible by 
providing loans or multiple payment solutions 
to customers, reducing upfront cost and 
providing a revenue-generating asset. 
30%
 
Low-income populations in Africa spend about  
30% of their income for transportation Bib.12
Increased income for mobility 
employees
Sustainable Mobility includes solutions that 
provide access to better livelihood opportunities 
for mobility employees, enabling them to earn 
higher revenues than previously. This impact is a 
global outcome of the formalization of businesses


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higher revenues than previously. This impact is a 
global outcome of the formalization of businesses 
(see below), but it can also be achieved through 
specific solutions like vehicle finance solutions 
(e.g. SMV in India), which enables asset ownership 
and greater income generating opportunities for 
ride-hailing or informal public transport drivers.
Sustainable Mobility is a driver of 
economic growth and formalization 
of businesses
 
Sustainable Mobility enterprises generate 
positive impacts on the economy, creating 
new jobs and providing work within formalized 
mobility businesses, generating indirect economic 
opportunities for their customers, and improving 
local transport infrastructure. 
Job creation 
The creation of jobs within the mobility sector can


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local transport infrastructure. 
Job creation 
The creation of jobs within the mobility sector can 
be inherent to Sustainable Mobility enterprises. For 
example, driver-based businesses (e.g. Ampersand 
in Rwanda, see  Figure 15  or MAX in Nigeria, see 
Figure 19) are labour-intensive enterprises which 
create many jobs especially for young people. 
Job creation can also result from the mobility 
enterprise’s business and value proposition. As 
an example, vehicle financing solutions can help 
drivers create their own ride-hailing business 
(e.g. SMV in India ( Figure 8), or Tugende in Uganda 
(Figure 23) by providing them with loans and other 
facilitating services (e.g. driving training, formal 
documentation, digital payment support, etc.). 
Formalization of driver-based 
businesses


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documentation, digital payment support, etc.). 
Formalization of driver-based 
businesses 
Sustainable Mobility enterprises change the 
TargetSDG
Sustain economic growth in least 
developed countries
Support decent job creation  
and formalisation
Reduce proportion of youth not 
in employment
8.1
8.3 
8.6 
Figure 18
SDG targets related to the core impacts of 
Sustainable Mobility on economic growth and 
formalization of businesses


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Ride-Hailing
Security systems
Vehicle ﬁnance
TYPES OF 
SOLUTIONS
Metro Africa Express 
(MAX) impact on 
economic growth
Metro Africa Express (MAX) uses technology to make 
urban mobility safer, more aﬀordable and inclusive. They 
provide a ride-hailing platform that connects end-consumers 
for passenger trips and deliveries with trained motorcycle 
taxi drivers.
All drivers undergo a screening process and use the same 
motorcycle model and drivers can receive a loan to purchase 
their motorcycle over a 12-18 months period. They can also 
receive ﬁnancing for smartphones and in addition to helmets 
for the driver and passenger, branded clothing and ﬁrst 
aid equipment are provided as well as accident insurance.
Established 
in 2015 and 
SF partner 
since 2018
Nigeria
2000+ drivers 
(2020)


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Established 
in 2015 and 
SF partner 
since 2018
Nigeria
2000+ drivers 
(2020)
$8.5 million raised 
(2019)
$500,000 per 
month revenue
— During the COVID-19 pandemic MAX provided targeted 
interventions to law enforcement oﬃcials, local residents and 
transport industry workers by providing hygiene products. facemask 
and food to over 5,000 beneﬁciaries in Akure, Ibadan and Lagos.
Figure 19500,000
Livelihoods 
improved
175,000
Jobs supported 
by MAX
2+ 
million
Trips completed 
by MAX’drivers
34
•
landscape of collective transportation, which 
is dominated by informal solutions. All types of 
driver-based businesses are concerned, such as 
mass-movement systems for people (e.g. Easy 
Matatu in Uganda), ride-hailing (e.g. MAX in 
Nigeria), delivery services (e.g. Tusker in India,


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Matatu in Uganda), ride-hailing (e.g. MAX in 
Nigeria), delivery services (e.g. Tusker in India, 
see Figure 17 ) or solutions connecting isolated 
communities (e.g. Waterbus, which replaces 
informal and unsafe boat transit services on Lake 
Victoria, see Figure 20).
80%
 
In 2008, about 80% of all collective transport in 
Sub-Saharan Africa was provided by the informal 
sector Bib.24
Formalization of driver-based businesses 
generates positive outcomes for every type of 
mobility stakeholder: 
 — Customers benefit from collective transport 
solutions that are more regulated and potentially 
safer, as well as from more stable transport fares.
 — Drivers in formal businesses can benefit 
from more stable revenues, improved labour 
conditions and social protection.


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from more stable revenues, improved labour 
conditions and social protection.
 — Public authorities benefit from more tax 
revenues from formalized businesses. 
Indirect job creation for customers
Increased mobility can enable job seekers to find 
more employment opportunities, enabling them 
to pursue employment opportunities outside of 
walking distance from their homes or that require 
employees to make regular trips. The types of 
Sustainable Mobility enterprises which contribute 
to this impact are listed in the paragraph "Increased 
mobility of the bottom of the pyramid".


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•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Increased economic growth through 
improved infrastructure 
Enterprises that develop infrastructure as part 
of their business contribute to local efforts in 
developing the economy and reducing inequality, 
for instance mass-movement transportation 
systems (metro or railway projects), improved 
roads and access pathways, and shared mobility 
(e.g. bike-sharing stations or electric vehicle 
charging stations for a car-sharing service). Those 
Sustainable Mobility enterprises create economic 
value in the short term, by creating jobs for the 
construction of the infrastructure, and in the long 
term, by building lasting infrastructure on which


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construction of the infrastructure, and in the long 
term, by building lasting infrastructure on which 
various uses and services can rely. As an example, 
a car-sharing service that relies on electric vehicles 
will probably partner with a third-party company 
to build electric charging infrastructure, which can 
benefit other private individual vehicles.
As a conclusion, Sustainable Mobility enterprises 
are crucial to answer some of the main economic 
challenges in developing countries. First, they 
answer the challenge of accessibility with 
affordable transport solutions that increase 
users’ purchasing power and provide them with an 
improved access to various economic opportunities. 
Sustainable Mobility’s impact, however, goes 
beyond the transportation sector alone and brings


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Sustainable Mobility’s impact, however, goes 
beyond the transportation sector alone and brings 
solutions to the broader challenges of developing 
and emerging economies, by creating jobs 
within formalized businesses, increasing income 
for mobility employees, and creating lasting 
infrastructure. 
TargetSDG
End all forms of discrimination 
against all women and girls 
everywhere
Promote the social, economic 
and political inclusion of all, 
irrespective of age, sex, disability, 
race, ethnicity, origin, religion  
or economic or other status
Ensure women’s participation 
and equal opportunities for 
leadership at all levels of 
decision-making in political 
economic and public life
5.1
5.1
5.5 
Women often have lower access  
to mobility solutions which  
negatively impacts economic,


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5.1
5.1
5.5 
Women often have lower access  
to mobility solutions which  
negatively impacts economic,  
health and education outcomes. 
Sustainable Mobility solutions  
can have positive impacts  
on gender inclusion
In developing countries, women are underrepresented 
and discriminated against in the mobility sector: 
as users, as workers and as decision makers in the 
planning and operation of mobility systems.
Access – Women have lower access to mobility, 
particularly in developing countries. In a survey in 
Chennai, 83% of women walked to work, compared 
with 63% of men. In a study in Vietnam, women 
were 3 times less likely to travel by motorbike, but 
were 30% more likely to walk. This lack of access to 
mobility has a particularly negative impact on health


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were 30% more likely to walk. This lack of access to 
mobility has a particularly negative impact on health 
and education, as explained below Bib.32, Bib.33.


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•
 — Health impacts due to a lack of mobility 
access: 50% – 60% of people in poor countries 
live more than 8 km from a healthcare facility. 
Maternal and infant mortality is particularly 
affected by substandard or unaffordable 
transport links, as evidenced in studies in 
Tanzania and Kenya. In a study in the Philippines, 
a 10% increase in distance from a hospital 
was associated with a 2% increase in all three 
mortality rates Bib.34, Bib.35. 
 — Education impacts due to lack of mobility 
access: In many developing and emerging 
countries, girls’ education is less prioritized 
than their male counterparts, and therefore 
when travelling to school is expensive and time-
consuming, girls’ education suffers. Offering 
improved mobility access can therefore improve


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consuming, girls’ education suffers. Offering 
improved mobility access can therefore improve 
girls’ education outcomes. A scheme in Bihar 
India offered bicycles to secondary school 
female students which reduced the gender gap 
in age-appropriate secondary school enrolment 
by 40%. A rural roads project in Peru increased 
enrolment in primary education for girls by 7% 
Bib.36, Bib.37.
Employment – Women are underrepresented 
in mobility employment throughout the world. 
ILO/World Bank estimates that only 5–15% of 
employees in the transport sector are female, 
compared to (a still low) 19–25% in developed 
countries Bib.10 . Sustainable Mobility for All 
estimates that an additional 20 million women 
would work in transport if the sector achieved


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estimates that an additional 20 million women 
would work in transport if the sector achieved 
gender parity in employment Bib.10. Key barriers 
to gender inclusion in transport are the lack of 
safety in transportation, the lack of proper access 
to financial resources, restrictive social norms, 
gender stereotypes and discrimination, the lack 
of supportive corporate policies, and the lack of 
driving training and licences among women Bib.38. 
Sustainable Mobility enterprises can tackle this 
issue of gender inclusion by creating safer mobility 
systems, providing mobility solutions that are 
inclusive for women and by empowering women 
through economic inclusion. Sustainable Mobility 
thus contributes to SDG 5 “Gender equality” and 
SDG 10 “Reduced inequalities” and their underlying


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thus contributes to SDG 5 “Gender equality” and 
SDG 10 “Reduced inequalities” and their underlying 
targets displayed above.
 — Sustainable Mobility enterprises can have a 
great impact on gender inclusion through the 
development of safer means of transportation 
by creating or integrating security systems  
for driverbased businesses. These enterprises 
increase safety for both drivers and passengers, 
generating a sense of confidence that can 
prompt more women to take ride-hailing or 
collective transportation solutions. 
• In India for example, SMV Green Solutions 
has developed a dedicated Project Vahini to 
provide low-income female rickshaw drivers 
(Vahinis) with electric rickshaws fitted with 
a cloud-based camera and smartphone, to 
enhance safety for both women drivers and


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a cloud-based camera and smartphone, to 
enhance safety for both women drivers and 
passengers. Such systems contribute to 
reducing women’s exposure to violence and 
harassment in transportation and strive to 
minimize the perception of travel risks that 
could otherwise impact women’s social and 
economic ambitions and inclusion (see Figure 8).
 — Individual enterprises can also take specific 
actions or adopt specific policies to target 
women inclusion specifically, by hiring more 
women at the company level (e.g. M-Auto in 
India) and/or by targeting female customers 
(e.g. SMV in India). A higher share of women in 
the transport workforce is a critical step towards 
more inclusive transport systems. Indeed, a 
greater representation of women in driver-


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more inclusive transport systems. Indeed, a 
greater representation of women in driver-
based businesses can improve the perception of 
safety and equality for women in public spaces, 
which can reinforce a sense of safety for female 
passengers and help counter stereotypes of 
“men’s work” vs. “women’s work” Bib.38.


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•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Sustainable Mobility has a 
key role to play in the fight 
against climate change, even 
if internal-combustion engine 
(ICE) solutions will be needed 
in the short-term
Over the last 3 decades, the growth 
of transport-related GHG emissions 
occurred mainly in developing 
countries due to demographic growth, 
with the trend expected to continue 
The majority of the increase of transport-related 
CO₂ emissions was generated in non-OECD 
countries (see part 1), with their share growing 
from 31% in 1990 to 56% in 2016. This trend is 
expected to be exacerbated further over the next 
decade, leading transport to account for a growing


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expected to be exacerbated further over the next 
decade, leading transport to account for a growing 
share of non-OECD countries’ CO₂ emissions with 
an estimated growth of 2% annually.
200%
 
Between 1990 and 2016, transport-related CO₂ 
emissions increased by 200% in developing 
countries, while the increase was 30% in OECD 
countries Bib.1
To understand the source of this steep increase 
in transport-related CO₂ emissions in developing 
countries, two complementary macroeconomic 
effects should be noted:
1. Demographic development: the population 
of developing countries has grown over 
50% since 1990. The need for individual and 
collective motorized transport solutions as well 
as the associated transport infrastructure can 
be expected to develop accordingly.


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as the associated transport infrastructure can 
be expected to develop accordingly.
2. GDP growth: As the GDP in developing 
countries has grown by close to 800% since 
1990, infrastructure and vehicle fleet have been 
catching up to the new economic possibilities. 
The increase of transport-related CO₂ emissions in 
developing countries is thus not only based on an 
increased number of people requiring transport 
solutions, but also on the availability of better 
transport solutions and increasing means to provide 
them. As a result, it can be expected that the share 
of transport in overall CO₂ emissions remains stable 
at 30% or decreases in OECD countries while it rises 
above 16% in non-OECD countries Bib.39, Bib.40. 
In addition to GHG emissions, small particles


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above 16% in non-OECD countries Bib.39, Bib.40. 
In addition to GHG emissions, small particles 
emitted from combustion engines are important 
contributors to degrading air quality, especially 
in densely populated urban areas in developing 
countries, affecting not only the environment, but 
posing a significant health risk for the inhabitants. 
The rate of cities not meeting WHO air pollution 
limits is almost twice as high in developing 
countries, than in high-income countries.
98%
In developing countries, 98% of cities with 
more than 100,000 inhabitants do not meet 
WHO air pollution limits Bib.45
With the knowledge of this challenge, 
investment in Sustainable Mobility is 
today largely driven by concern for its 
environmental impact


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investment in Sustainable Mobility is 
today largely driven by concern for its 
environmental impact 
For many impact investors, decreasing the negative 
environmental impact is considered a priority for 
the Sustainable Mobility sector. The investors’ 
survey conducted for the purpose of this report 
shows that 50% of respondents consider a reduced 
negative environmental impact to be a necessary 
criterion for a mobility enterprise to be considered 
‘sustainable’ at all. Most of these investors would 
not pursue an investment opportunity that relies 
on combustion engines, even if the enterprise 
generates other positive impacts. 
50%
 
In 2019, the French DFI Agence Française 
de Développement (AFD) targeted 50% of 
their new financing in the transport and


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de Développement (AFD) targeted 50% of 
their new financing in the transport and 
mobility sector towards enterprises with a 
“co-benefit for climate” and “almost all of 
urban mobility financing targeted projects 
with a co-benefit for climate”.
CO2


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Cleaner vehicles
Mass-movement 
system
Connecting isolated
communities
TYPES OF 
SOLUTIONS
Waterbus’ impact on 
climate change
Waterbus builds and operates fuel-eﬃcient catamaran 
ferries transporting passenger and goods on Lake Victoria 
(Uganda, Kenya), linking the residents of East Africa’s islands 
and other water-isolated communities to the larger towns 
on the mainland.
Waterbus replaces wooden canoes and small polluting boats 
that were the cause of many drownings and hippo attacks 
on Lake Victoria, leading to improved safety as well as 
signiﬁcantly reduced carbon emissions and preserved 
air quality for passengers.
— Populations around the lake suﬀer from a lack of convenient, 
     safe and clean transportation infrastructure.


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— Populations around the lake suﬀer from a lack of convenient, 
     safe and clean transportation infrastructure.
— In constrast to a traditional outboard engines that propel one
     canoe with several passengers, the technological conﬁguration of 
     Waterbus ferries and their engines leads to a signiﬁcant reduction 
     in carbon emissions and preserves air quality for passengers.
Figure 20
Established 
in 2005 and 
SF partner 
since 2016
Kenya
52 employees
Growth / $2.7 
million raised 
(2020)
$711 thousand 
revenue (FY2019)
1.8 million 
passengers (2020)
-95%
hydrocarbons 
emitted per passenger 
compared to smallest 
commercial outboards 
on Lake Victoria
1.8m
passengers of 
Waterbus beneﬁt 
from improved air 
quality during 
transport
400 tons
avoided C02-equivalent


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1.8m
passengers of 
Waterbus beneﬁt 
from improved air 
quality during 
transport
400 tons
avoided C02-equivalent 
emission resulting 
from the use of 
Waterbus’s ferries
CO2
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
The good news is a large part of 
Sustainable Mobility solutions 
are helping decrease further GHG 
emissions of the transportation sector 
and fight climate change
Most Sustainable Mobility solutions have a core 
and direct positive impact on climate change, even 
if they do not rely directly on “green mobility” 
solutions such as electric vehicles. Indeed they can 
decrease the negative environmental impact of 
transport through four levers: 
1. Cleaner vehicles and infrastructure replacing


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transport through four levers: 
1. Cleaner vehicles and infrastructure replacing 
more polluting options.
2.  Infrastructure and mobility services enabling 
non-motorized transport solutions.
3.  Improved traffic circulation resulting  
in shorter trips. 
4. Reducing the number of trips through 
reduced individual transport (collective 
transport solutions, car sharing, etc.)4.  
4 Several SDGs are related to reducing climate change and 
preserving the environment, however it remains challenging to 
make a direct link. SDGs targets that have been identified in this 
study as related to climate change in the context of Sustainable 
Mobility with a direct impact are 
_7.2 Increase substantially the share of renewable energy in the 
global energy mix.


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Mobility with a direct impact are 
_7.2 Increase substantially the share of renewable energy in the 
global energy mix.
_7.3 Increase substantially the global rate of improvement in 
energy efficiency.
_8.4 Improve global resource efficiency in consumption and 
production and endeavour to decouple economic growth from 
environmental degradation.
_9.4 Upgrade infrastructure and retrofit industries to make them 
sustainable, with increased resource-use efficiency and greater 
adoption of environmentally sound technologies.
_11.6 Reduce the adverse per capita environmental impact of 
cities, including by paying special attention to air quality and 
waste management.
_12.4 Achieve the environmentally sound management of 
chemicals and all wastes throughout their life cycle, and


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_12.4 Achieve the environmentally sound management of 
chemicals and all wastes throughout their life cycle, and 
significantly reduce their release to air, water and soil.
These targets largely refer to energy efficiency, resource 
efficiency or the reduction of pollutants. However, these 
targets fail to establish a direct link to the positive impact that 
Sustainable Mobility solutions can have on climate change, 
which is the reduction of GHG emissions.


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39
•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Cleaner vehicles and infrastructure 
replacing more polluting options
The most commonly recognized solution when 
talking about cleaner vehicles and infrastructure 
reducing GHG emissions of transport is the 
replacement of combustion engines by electric 
vehicles or vessels. Electric mobility produces no 
direct GHG emissions and if paired with renewable 
electricity, leads to significantly less overall GHG 
emissions as well as reduced small particle and 
noise pollution (e.g. SMV Green solutions in India, 
see Figure 8, Ampersand in Rwanda, see Figure 15). 
However, more fuel-efficient combustion 
engine solutions can also replace more polluting


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However, more fuel-efficient combustion 
engine solutions can also replace more polluting 
alternatives (e.g. Waterbus, operating fuel-efficient 
catamaran ferries on Lake Victoria, Kenya, replacing 
small boats with outboard engines). Alternative 
fuel types such as biofuels or hydrogen 5 are still 
under development and have the potential to 
replace fossil fuels in the future.
Infrastructure and services enabling 
non-motorized mobility solutions
Infrastructure projects, when making room 
for or even targeting non-motorized mobility 
solutions can help reduce GHG emissions, by 
limiting the increase of motorized mobility (e.g. 
bicycle lanes providing a safe space for cyclists 
who are vulnerable to road traffic accidents). This 
infrastructure can enable non-motorized mobility


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who are vulnerable to road traffic accidents). This 
infrastructure can enable non-motorized mobility 
solutions which are often neglected in urban 
planning as they are perceived as inconvenient and 
unsafe, or simply less of a priority than motorized 
mobility. 
If adequate infrastructure counteracts issues, 
solutions such as bike shops or bike sharing 
solutions that offer rentals from numerous 
locations around a city can develop as an alternative 
to traditional motorized transportation that is not 
only reducing GHG emissions but also accessible at 
a low cost.
Software solutions providing traffic 
coordination, live road congestion 
insights and mapping of public 
transport solutions and emissions 
measurement
Software solutions that can guide the traffic,


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transport solutions and emissions 
measurement
Software solutions that can guide the traffic, 
i.e. navigation and mapping tools and traffic 
coordinating solutions are important tools to 
reduce GHG emissions from ICE. They regulate 
traffic, reducing congestion, where drivers wait 
with their engines running, as well as decreasing 
the length of trips, e.g. where a delivery is made on 
the shortest route or where a motorbike taxi does 
not drive around waiting for the next passenger, 
but instead goes straight to the pick-up location of 
their next customer. This effect can, of course, only 
be expected if the number of vehicles remains the 
same, while an increased number of vehicles may 
counteract the effect.
Emission measurement solutions enable the


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same, while an increased number of vehicles may 
counteract the effect.
Emission measurement solutions enable the 
control of emissions through public regulation 
as well as engaging companies to work towards 
reducing their emissions on a voluntary basis, as the 
globally active Smart Freight centre (see Figure 21) 
which offers a globally recognized framework 
for harmonized calculation and reporting of the 
logistics GHG footprint across the multimodal 
supply chain..
5 The costs for hydrogen mobility being still very high currently, 
development of hydrogen mobility is more likely to take place 
in developed countries first and in developing countries only in 
more than 10 years.


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40
•
Shared mobility solutions that 
replace individual transport
Any solution that replaces a trip taken individually 
by a shared trip will reduce the GHG emissions of 
transport per passenger and trip (if additional trips 
are undertaken after starting to use a solution that 
aggregates trips, that implies an increase of total 
trips taken). An efficient way are mass movement 
systems such as public transport, but also van 
pooling services, often called matatus, operating 
without official routes. Other solutions that can 
reduce individual trips is shared mobility, such 
as ride-sharing solutions, where private users 
offer to take along other people in exchange for a 
compensation for gas and vehicle use. 
In addition to reducing the number of trips taken,


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compensation for gas and vehicle use. 
In addition to reducing the number of trips taken, 
the replacement of individual transport also reduces 
congestion as fewer vehicles are on the roads, 
subsequently reducing the GHG emissions of vehicles 
that are stuck in traffic and improving efficiency. 
While they have many other positive 
impacts, some Sustainable Mobility 
solutions do not contribute specifically 
to fight against climate change, and 
some of them might even generate 
negative environmental externalities 
A positive environmental impact can be expected 
from a large share of Sustainable Mobility 
enterprises. However, it is possible that certain 
Sustainable Mobility enterprises do not provide any 
positive environmental impact or even generate


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Sustainable Mobility enterprises do not provide any 
positive environmental impact or even generate 
negative externalities. Mobility can generate 
different types of pollution (GHG emissions, small 
particles, light and noise) that can disturb entire 
ecosystems if not properly managed. Negative 
externalities that can be attributed to the transport 
sector can in some cases be displaced to other 
sectors, where they originally occur. 
80+
Smart Transport 
Managers were 
trained in China
 since 2017
40+
multinationals are using
 the GLEC Framework to 
calculate and report global 
logistics emissions 
consistently
116
Road freight carriers take 
concrete action with trained 
ﬂeet managers and action 
plans for fuel eﬃciency
3 Million tons
of C02 were avoided between


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ﬂeet managers and action 
plans for fuel eﬃciency
3 Million tons
of C02 were avoided between 
2016-2018 by compagnies that 
adopted their framework
Smart Freight Centre’s 
impact on climate 
change
Smart Freight Centre, the only global NGO working 
exclusively on improving freight transport, develops 
measurement frameworks and best practices for 
multinational freight compagnies to reduce their carbon 
emissions and improve fuel eﬃciency, with a goal to halve 
freight-related carbon emissions of 100 compagnies by 2030.
They collaborate with existing initiatives, international 
institutions, partner organisations and experts worldwide 
and have created the GLEC Framework as the only globally 
recognized methodology for calculating and reporting


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and have created the GLEC Framework as the only globally 
recognized methodology for calculating and reporting 
logistics GHG emissions by companies accross the 
multi-modal supply chain.
Figure 21
Established 
in 2013 and 
SF partner 
since 2013
Global
12 employees
20+ expert 
advisory council
50+ Partners in 
Global Logistics 
Emissions Council
— Smart Freight Centre brought the global logistics community 
together & formed two councils: Global Logistics Emissions Council 
(GLEC) and the Smart Truck Fleet Management Council.
— The Smart Freight Procurement Framework, 2 partners, helps 
buyers of freight services make zero-emissions freight an integrated 
part of their procurement practices and was released in summer 2019.
— In China, Smart Freight Centre brought multinational companies


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— In China, Smart Freight Centre brought multinational companies 
together with their carriers, the government and other stakeholders 
in a series of Smart Freight Forum workshops to drive action and 
supportive policy.
Emissions measurement
Traﬃc coordination 
solutions
TYPES OF 
SOLUTIONS
CO2


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41
•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
The production of batteries for electric vehicles 
can in some cases be based on fossil fuels and the 
underlying industrial processes are energy intensive 
and consume significant amounts of water, metals 
and other raw materials and end-of-life processes 
for batteries need to be properly managed. The 
impact of electric mobility also depends on the 
energy mix it is powered by. In some cases, it may 
be powered purely by renewable energies, e.g. 
through a local mini-grid. However, in other cases, 
dependency on grid electricity may mean that it is 
using the local electricity mix, which is often based 
on fossil fuels.


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using the local electricity mix, which is often based 
on fossil fuels. 
However, the true impact of a solution needs 
to be determined on a case-by-case basis and 
cannot be generalized, as it depends strongly 
on the nature of each specific solution and the 
local context. Furthermore, solutions that have a 
negative environmental impact now (e.g. solutions 
relying on ICE vehicles, which represent the large 
majority of vehicles today in developing countries) 
may pave the road to achieving a positive impact  
in the future.
The improving economic viability of 
low-carbon mobility solutions will 
provide a route to an overall greener 
Sustainable Mobility sector 
While many of the Sustainable Mobility enterprises 
today rely on ICE, there are opportunities for them


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While many of the Sustainable Mobility enterprises 
today rely on ICE, there are opportunities for them 
to switch to low-carbon solutions. Mobility service 
providers and asset-based enterprises (vehicles 
and infrastructure) that currently rely on ICE can 
change towards electric vehicles according to their 
business model: urban ride-hailing and delivery 
services are already being developed with electric 
vehicles (e.g. SMV Green solutions in India) or 
transitioning from ICE solutions towards electric 
vehicles (MAX in Nigeria), some offering solar 
charging already (e.g. Ampersand in Rwanda). 
These early adopters are setting an example for 
other providers to follow, proving that the business 
model can be attractive. With successful e-mobility


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other providers to follow, proving that the business 
model can be attractive. With successful e-mobility 
businesses in the market, providers might consider 
retrofitting ICE-based vehicles with batteries, 
converting existing vehicles and further driving 
e-mobility. This transition to low-carbon mobility 
solutions is possible for both individual and mass 
transport systems in urban and rural locations, as 
well as for the transportation of goods. 
The example of Waterbus ( Figure 22 ), first 
transitioning from traditional canoes to ferries 
as a mass transport solution, which then enabled 
the transition of first vessels to a hybrid solar-
diesel solution shows how ICE-based solutions can 
already significantly reduce emissions compared to


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diesel solution shows how ICE-based solutions can 
already significantly reduce emissions compared to 
inefficient solutions that are in place, and pave the 
road to cleaner solutions in the long run.
Figure 22
Waterbus – Evolution from traditional canoes 
via diesel ferries towards a hybrid solar-diesel 
solution
Traditionally, passengers moved across lake Victoria 
in small canoes with outboard engines. These boats 
transport ~15-45 passengers at a time
Canoes with outboard engine
CO2 emissions
[kg/PAX]
0.52
0.018-
0.026
CO2
Fuel loss
[L/PAX/h]
CO2 emissions
[kg/PAX]
Fuel loss
[L/PAX/h]
CO2
Waterbus has introduced ferries that oﬀer mass 
transport across lake Victoria with water-cooled 
inboard engines, decreasing not only CO2 but also 
water pollution due to fuel


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inboard engines, decreasing not only CO2 but also 
water pollution due to fuel
Waterbus with diesel engine
0.21
0.001
-59%
-95%
CO2 emissions
[kg/PAX]
Fuel loss
[L/PAX/h]
CO2
Waterbus is proposing a hybrid solar-diesel drive which 
will further reduce fuel consumption, decreasing both 
the cost, as fuel makes up 50% of operation costs, 
and CO2 emissions
1 Reduction compared to traditional outboard engine canoes
Waterbus with hybrid solar-diesel
0.17
0.001
-67%
-95%
Total
Total Reduction1
Total Reduction1


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42
•
•••• PART 2
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Ride-hailing as well as delivery services are often 
linked with a vehicle finance service. Indeed, 
financing solutions are independent from the 
fuel type and can be developed with different 
kinds of fuels or vehicles, depending on the local 
context. Financing solutions can help asset owners 
transition from ICE to other solutions that require 
a larger upfront investment, primarily electric 
vehicles. They can support adoption of cleaner 
vehicles and infrastructure where possible, while 
also supporting other solutions so as to include 
customers, that might not be able to adopt e.g. 
electric vehicles, due to geographic location or


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customers, that might not be able to adopt e.g. 
electric vehicles, due to geographic location or 
other reasons. The Ugandan enterprise Tugende, 
providing a vehicle financing solution for traditional 
bodas and other assets, has recently developed 
plans for electric motorcycle financing, paving the 
road to cleaner vehicles in East Africa (see Case 
study – Tugende’s impact on poverty alleviation, 
economic growth and health and safety (Figure 23). 
Technology and software enterprises are 
largely independent from the type of vehicle 
and in many cases already contribute to a more 
efficient transport system. As certain solutions 
can be expected to reduce emissions through 
the improved guidance of traffic, this effect will 
likely be paired in the future with cleaner vehicles


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the improved guidance of traffic, this effect will 
likely be paired in the future with cleaner vehicles 
emitting less GHG, serving as an example for the 
impact of Sustainable Mobility being amplified 
when different solutions work together. 
Collectively these solutions lead to a lower carbon 
mobility sector:
 — Motorized transport is switched to clean 
vehicles, e.g. electric vehicles for cars and 
motorcycles or hydrogen for heavy-duty 
vehicles. 
 — Widespread adoption of car sharing solutions 
where motorized transport is needed
 — Non-motorized transport (i.e. soft mobility 
like walking and cycling) will be enabled by 
adequate infrastructure like sidewalks, bike 
lanes or bike sharing stations. 
 — Public transport will be available and accessible


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lanes or bike sharing stations. 
 — Public transport will be available and accessible 
to populations of all income levels and provide 
transport at affordable rates that corresponds 
to people’s needs, to prevent the switch to 
individual transport solutions, especially cars 
whenever possible. 
 — The existing traffic, both public as well as 
individual will be managed through navigation 
and mapping tools, providing people with 
up-to-date information on the best solution for 
their journeys. 
If these solutions work together, transport systems 
can efficiently serve people, enable income 
generation and improve the lives of the entire 
population.


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Vehicle ﬁnance
TYPES OF 
SOLUTIONS
Tugende’s impact on 
poverty alleviation, 
economic growth and 
health and safety
Uganda
Bodas, Taxis, Matatus, 
Boat engines, Add-on 
assets
Kenya
Matatus
Established 
in 2012 and 
SF partner 
since 2015
Uganda 
and Kenya
460+ employees
Series A + $22.4 
million raised (2020)
100%
annual income increase 
for Tugende’s customers
 (+ $840 according to 
2018 survey)
55%
of Tugende’s customers used 
their income increase to invest 
in business, land, agriculture 
or new houses
$8.3 million revenue 
(FY2019) and 
positive retained 
earnings in 2019
23,000 active 
clients (2020)
Financial
 track record
Drivers built a ﬁnancial track 
record that helps them access 
additional formal ﬁnancial and 
economic opportunities
22,000 jobs 
created


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record that helps them access 
additional formal ﬁnancial and 
economic opportunities
22,000 jobs 
created
by 2019, enabling customers 
to be independent 
entrepreneurs
E-mobility 
roll-out
Roll-out of electric 
motorcycle leasing planned 
in highly polluted urban 
areas in Uganda
Safety
Driver training, helmets for 
drivers and passengers and 
GPS tracking ensure the safety 
of passengers and drivers
Figure 23
Poverty alleviation
Health and safety
Economic growth and formalisation of businesses
43
•
Enabling vehicle ownership among 
the urban poor 
Tugende provides a lease-to-own boda (motorcycle 
taxi) service, providing financing, HSSE equipment 
and training, financial literacy, insurance, boda 
maintenance and GPS relocation support to drivers,


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and training, financial literacy, insurance, boda 
maintenance and GPS relocation support to drivers, 
creating a path to asset ownership for low income 
boda drivers in the informal transportation sector. 
While motorcycle taxis are the most common 
product financed by Tugende, they have expanded 
their product portfolio to offer “micro-assets”, e.g. 
sewing machines, laptops, mobile phones, etc. to 
existing customers in good standing. Tugende will 
further expand its product portfolio to include 
other productive use assets portfolio (e.g. milling 
machines, small scale industrial equipment, etc.) in 
the near to mid-term. 
In order to generate future opportunities for their 
clients, Tugende creates digital credit profiles and 
scores for their clients, who build up credit history,


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clients, Tugende creates digital credit profiles and 
scores for their clients, who build up credit history, 
improving security and cost-effectiveness for 
future loans. Once clients have built a credit history 
they have the possibility to acquire additional 
assets that can help generate income like laptops, 
sewing machines or shop fridges. 
Driving impact expanding product 
range and geographic reach
Tugende was founded in 2012 in Uganda where it 
currently operates 17 branches, and a successful 
pilot has since been launched in Kenya where 
expansion is planned for 2021. A registration has 
also been filed in Tanzania.
The company’s primary revenue stream is from 
financing income, i.e. principle and interest payments 
on the asset (currently primarily motorcycles) and


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financing income, i.e. principle and interest payments 
on the asset (currently primarily motorcycles) and 
passing through fees on helmets, licensing, etc.
Financing of other productive assets will help expand 
Tugende’s reach, with assets like sewing machines 
and farm equipment reaching more women than the 
male dominated motorcycle taxi sector. 
The company is also expanding into clean mobility: 
Tugende is piloting a partnership with Zembo, an 
electric motorcycle hardware manufacturer, to 
finance at least 100 electric motorbikes in Kampala, 
Uganda. The charging infrastructure for the pilot 
will be provided by Zembo’s existing 8 sites with 
a mix of grid connected and solar back up charge 
systems. If the pilot is successful, Tugende could


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a mix of grid connected and solar back up charge 
systems. If the pilot is successful, Tugende could 
play an important role in bringing e-mobility to 
East-African cities.


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•
Investment potential and 
commercial scale-up
With a strong existing asset base, Tugende 
closed a $6.3 million Series A investment round in 
October 2020, including $4m from Mobility 54, the 
investment fund for Toyota Tshusho Corporation. 
With continued plans to expand its existing 
motorcycle mortgage business, grow its new 
motor vehicle financing product, pilot e-vehicles 
and enter new markets in the region, Tugende 
offers significant growth potential and a means to 
help reduce the financing gap for micro, small and 
medium enterprises in sub-Saharan Africa.
Enabling drivers’ economic 
development
Tugende has 23 000 active leases today, enabling 
their customers to become entrepreneurs and 
providing them with decent work and increased


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their customers to become entrepreneurs and 
providing them with decent work and increased 
income. The lease of a motorcycle costs roughly 
the same or even less than renting a motorbike, 
enabling drivers to invest into and ultimately own 
their own assets. 
Many customers do not only lease one motorcycle 
as part of their relationship with Tugende, they 
lease additional vehicles or other assets after 
having demonstrated their credit worthiness. 
Multiple leases allow customers to build an asset 
base that they can then utilise to generate equity 
for other economic activities, e.g. investing in a 
business, land or a new house, while continuing 
to earn income as a boda driver. Leasing of 
agricultural and other productive use assets 
can further help them expand other income


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agricultural and other productive use assets 
can further help them expand other income 
opportunities. 
Improving safety for both drivers and 
passengers
Tugende helps to improve driver’s health and 
safety, providing safety training, helmets, which 
are often neglected, GPS tracking and insurance. 
These measures increase drivers safety in 
congested urban areas where motorcycle riders are 
among the most vulnerable road users. 
With drivers being provided driving training 
and being equipped with an additional helmet 
for their customers, passengers benefit from 
improved safety in a sector, where helmets are 
often neglected and are not readily available for 
passengers. 
Generating positive economic and 
environmental impact beyond 
customers


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passengers. 
Generating positive economic and 
environmental impact beyond 
customers
The support Tugende provides to their customers 
with boda registration enables drivers to act 
as a formal business. Building a formal credit 
history for formerly unbanked drivers and online 
payments recording the activity of both drivers and 
passengers drives economic growth as it provides 
them with access to additional financial services 
and economic opportunities within or outside of 
Tugende’s offering. 
The training drivers receive does not only benefit 
drivers and passengers, but also pedestrians, 
who are among the most vulnerable to safety 
risks like road traffic accidents. If the number of 
accidents can be reduced, they will be the primary 
beneficiaries.


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accidents can be reduced, they will be the primary 
beneficiaries. 
With recent plans to lease electric motorcycles, 
Tugende will pave the road for the adoption of 
cleaner vehicles in East Africa where electric 
or alternative fuel vehicles are practically 
non-existent. This will help to mitigate both GHG 
emissions contributing to climate change and 
air pollution, e.g. small particles such as PM2.5 
which in Uganda are currently at a level that is 
five times higher than the WHO guideline Bib.1 , 
posing a serious health risk in dense urban areas 
in Eastern Africa.


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45
•
•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Sustainable Mobility requires 
continued, and increased investment 
from the full spectrum of investor 
classes if enterprise solutions are to 
be scaled effectively in developing 
countries. Sustainable Mobility can 
allow a diverse range of investors to 
meet their impact and return goals, 
and there remains a need for multiple 
investors to collectively address the 
diverse challenges  
of mobility
The wide range of Sustainable Mobility solutions and 
their diverse impacts make the sector a compelling 
investment opportunity for many types of investors, 
and a blend of capital is required across the Sustainable 
Mobility ecosystem if it is to effectively scale.


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and a blend of capital is required across the Sustainable 
Mobility ecosystem if it is to effectively scale.
The relevance of the different types of Sustainable 
Mobility enterprises for different investors is 
presented in Figure 24 . While the wide range 
of impacts that different types of Sustainable 
Mobility enterprises can have is presented in detail 
in chapter 2, this section highlights to investors the 
types of Sustainable Mobility investments and the 
potential value that they can deliver, as well as the 
need for their specific type of investment in order 
to help catalyse the sector and the diverse range of 
enterprise solutions within it.
The Sustainable Mobility sector remains a nascent 
industry for investors and has received comparatively


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The Sustainable Mobility sector remains a nascent 
industry for investors and has received comparatively 
little investment compared to other impact sectors 
at an enterprise level. The sector requires significant 
concessional financing, longer-term patient capital, as 
well as equity and commercial funding to help both 
seed and scale enterprises. Fundamental change and 
collaboration among investors is, however, required 
in order to effectively mobilise capital into the sector. 
Seizing the investment 
opportunities of Sustainable 
Mobility in developing countries
3


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46
•
•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Figure 24
Types of investor interest
These solutions currently receive 
the majority of funding in the Sustainable Mobility sector .
TYPES OF 
SOLUTIONS
Traﬃc coordination
 
solutions
Navigation 
and mapping tools
Security systems
Emissions 
measurement
Shared mobility
Delivery services
Connecting isolated
communities
Ride-hailing
Mass-movement 
systems
Improved roads
Vehicle ﬁnance
Cleaner vehicles
and infrastructure
Non-motorised 
transport
Vehicles and infrastructure
Technology and software
Mobility services
Donors and Foundations
Impact-ﬁrst investors
Multilaterals and Development 
Finance Institutions
Commercial investors
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SECTORS


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Multilaterals and Development 
Finance Institutions
Commercial investors
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SECTORS
Whilst the majority of investors will have a range of 
impact areas that they focus on, many of which are 
homogenous across different investor types, the 
below presents a compelling case of the need for 
different investors to participate in the Sustainable 
Mobility sector, and how Sustainable Mobility can 
deliver against the impact and return requirements 
across investor classes.


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47
•
•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Donors and Foundations 
Given the early stage nature of the Sustainable 
Mobility sector, as well as the need to continue 
to incubate innovative enterprise models that can 
continue to deliver against multiple SDGs, grant 
funding remains essential to catalyse the sector 
and support a range of new business solutions. 
Across multiple sectors grant funding has played 
a transformative role to nurture new ideas, 
individuals and organizations who disrupt the way 
the world works, and there is a clear need for this 
in the Sustainable Mobility sector.  
Key innovations that have delivered lasting impact 
would not exist without extensive grant funding,


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Key innovations that have delivered lasting impact 
would not exist without extensive grant funding, 
yet few foundations fully leverage this ability to 
test disruptive solutions or back promising yet 
unproven business models. For donors (and local 
governments), businesses who deliver essential 
services can enhance education and healthcare and 
spur economic growth in low-income communities 
and yet early interventions from the public sector 
have been small in line with uncertainty around 
the potential of such businesses to deliver lasting 
public benefit. 
Both foundations and donors are required to build 
investor confidence within the Sustainable Mobility 
sector, and models of “private-public” partnerships, 
in which foundations can carry “pioneer risk” and


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sector, and models of “private-public” partnerships, 
in which foundations can carry “pioneer risk” and 
government agencies work to “validate” promising 
models can both identify and validate new 
opportunities that can deliver significant public 
benefit. In a nascent sector such as Sustainable 
Mobility, where new, innovative business models 
are critical to support a wide range of social and 
environmental challenges, increased support from 
both Foundations and Donors is required. 
For donors and foundations who are often focused on 
supporting economic growth, the Sustainable Mobility 
sector can generate significant impact through; 
 — Driver based businesses such as ride-hailing  
which enable economic growth through the 
creation of decent job opportunities, often


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which enable economic growth through the 
creation of decent job opportunities, often 
supported by navigation and mapping tools.
 — Public transport service providers like Matatu 
services or logistics companies (mass-
movement systems) as well as improved 
infrastructure like roads, access pathways 
and bridges, shared mobility like private 
ride-sharing or non-motorized mobility like 
public bicycle sharing and transport services 
connecting isolated communities where few 
and mostly informal solutions exist. Those 
solutions, as they improve access to mobility 
especially to marginalized communities, have 
a strong catalyst effect in terms of access to 
economic opportunities.
 — Vehicle finance, enabling vehicle ownership 
among the bottom of the pyramid, which, in


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economic opportunities.
 — Vehicle finance, enabling vehicle ownership 
among the bottom of the pyramid, which, in 
addition can lead to job creation in the field 
of driver bases businesses. Other software-
based solutions with digital payment enhance 
customers’ access to financial services through 
payment traceability.
 — Solutions that can help decrease the 
environmental impact of mobility and improve 
air quality like emissions measurement and 
cleaner vehicles and infrastructure.
 
Investor zoom: Siemens Stiftung 
As a non-profit foundation, Siemens Stiftung 
promotes sustainable social development, 
which is crucially dependent on access to 
basic services, high-quality education, and an 
understanding of culture. Siemens Stiftung’s 
efforts are focused on the feasibility of


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understanding of culture. Siemens Stiftung’s 
efforts are focused on the feasibility of 
electric mobility for small businesses, trade, 
and agriculture in rural Africa. Its efforts 
create conditions for their technologies to 
enter the pilot phase while also providing a 
testing ground for new business models, such 
as loan and leasing methods. 
Siemens Stiftung conduct data analysis and 
studies during each stage of the process 
and connect start-ups with partners for 
financing and cooperation. In rural Western 
Kenya, they operate their own e-mobility 
incubation programme (WeTu) with a 
network of different user groups, public sector 
stakeholders, and local start-ups providing 
e-mobility technology solutions for production 
and charging infrastructure with a direct


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e-mobility technology solutions for production 
and charging infrastructure with a direct 
impact on the labour market. They also work 
with and provide support directly to various 
e-mobility enterprises including Opibus, 
Bodawerk, anywhere. berlin, Asobo, Evum 
Motors and GreenPack.


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48
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•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Impact-first investors 
Similar to donors, a range of impact focused 
investors are required to provide critical early-
stage capital to the Sustainable Mobility sector. 
As with all early stage enterprises, but particularly 
within Sustainable Mobility where there is often a 
greater requirement for longer-term, asset-backed 
financing for a number of the enterprise solutions, 
the requirement for long-term patient capital is 
critical to help support businesses 
Impact-first investors ultimately want a steady flow 
of viable early-stage enterprises which can deliver 
outsized development outcomes at scale, however 
given the inherent risk and uncertainty involved


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outsized development outcomes at scale, however 
given the inherent risk and uncertainty involved 
in pioneering such models, and the fact that in 
their stable state they may still be marginal return 
businesses, some combination of grant funding and 
long-term patient capital will typically be required 
to unlock investment on commercial terms.
Impact investors are therefore required to play a 
vital role in deploying early-stage, patient capital 
alongside grant funding to mitigate risk and 
enhance financial and social and environmental 
return, as well as to collaborate to create and scale 
specialist financial vehicles that deploy appropriate 
funding to inclusive Sustainable Mobility businesses 
at different stages of growth. 
For impact-first investors, Sustainable Mobility


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at different stages of growth. 
For impact-first investors, Sustainable Mobility 
solutions can provide a range of investable 
opportunities, whether it be through health and 
safety, gender, climate, or poverty alleviation. 
 — Cleaner vehicles and infrastructure, be it 
electric vehicles or vehicles based on more fuel 
efficient ICE, reducing GHG emissions.
 — Shared mobility solutions (e.g. ride-sharing 
solutions, where private users offer to 
take along other people in exchange for a 
compensation for gas and vehicle use), which 
reduce the number of individual trips, hence the 
number of cars on the road and consequently 
air pollution and GHG emissions, reducing the 
contribution of mobility to climate change and 
improving public health.


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air pollution and GHG emissions, reducing the 
contribution of mobility to climate change and 
improving public health.
 — Navigation and mapping tools and traffic 
coordination solutions like platform based 
agribusiness logistics companies that improve 
traffic efficiency and as a result emissions per 
trip and road safety.
 — Ride hailing or delivery services, which play an 
important role in poverty alleviation, creating 
job opportunities for low-income populations 
or employing women as a result of specific 
company policies.
 — Passenger transport ( ride hailing or mass-
movement) deploying security systems (e.g. 
GPS, cameras) that can protect both passengers 
and drivers in case of emergency.
 — Enterprises providing mobility that is accessible


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and drivers in case of emergency.
 — Enterprises providing mobility that is accessible 
to the poorest, providing transparency, stability 
and a better utilization of vehicles, (e.g. ride-
hailing or mass-movement) which may allow 
to lower costs in the long rung, but also shared 
mobility which can reduce the cost of transport 
while offering time savings and improved safety 
compared to walking.
 — Vehicle finance solutions, enabling vehicle 
ownership (often motorcycles) by providing 
access to financial institutions and microfinance 
both for private use and income generation.
 — Transport services connecting isolated 
communities to larger towns, be it on land 
or on water, where few and largely informal 
and inefficient options existed before and


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or on water, where few and largely informal 
and inefficient options existed before and 
non-motorized transport. These solutions 
have the potential to significantly improve 
mobility for low-income populations.
Investor zoom: DOB Equity 
DOB Equity invest in businesses that 
positively contribute to a more social 
and sustainable society and deliver 
long-term profitability. They work with 
entrepreneurs to mitigate potential risks 
related to environmental, social and 
governance matters, whilst creating value 
and social impact for the company and its 
communities. DOB Equity is an evergreen 
fund with all proceeds from investments 
being reinvested, making DOB Equity 
a true long-term growth partner for its 
portfolio companies. DOB Equity invest


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being reinvested, making DOB Equity 
a true long-term growth partner for its 
portfolio companies. DOB Equity invest 
across multiple sectors, and have made a 
number of investments in the Sustainable 
Mobility sector including Waterbus, Sendy 
and Twiga.


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49
•
•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Multilaterals and Development 
Finance Institutions
Multilateral banks, such as the World Bank, IFC and the 
African Development Bank, and national development 
finance institutions (DFIs) including the UK’s CDC or 
Germany’s KFW, bring significant financial resources 
that have the ability to support key sectors and fuel 
sustainable long-term growth in emerging markets. 
In 2018 alone, the world’s six largest multilateral 
banks deployed $43 billion to support climate 
finance in low- and middle-income countries. The 
goal of these organizations is to leverage private 
finance into areas or sectors which can deliver


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goal of these organizations is to leverage private 
finance into areas or sectors which can deliver 
greatest public value. To put this important scaling 
power into perspective, private climate financing 
totalled $39.9 billion in 2018 Bib.41. 
Development banks who commit to inclusive 
businesses bring legitimacy that draws commercial 
investment far more quickly than impact investors 
alone, leading to the amplification effect that is 
needed to scale a nascent sector such as Sustainable 
Mobility. For a number of Sustainable Mobility 
business models, where significant infrastructure 
or asset-based investment is required to effectively 
scale solutions that provide long-term public 
benefit, the role these funders play is vital 
alongside impact investors and foundations – not


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benefit, the role these funders play is vital 
alongside impact investors and foundations – not 
to mention the potential symbiotic relationship 
that earlier stage funders can play in acting to 
offset risk for development banks as well as better 
understanding of the markets. 
 — Cleaner vehicles and infrastructure, be it 
electric vehicles or vehicles based on more 
fuel efficient ICE, mass-movement systems 
(especially public transport) and improved 
roads and infrastructure and certain types of 
non-motorized transport (e.g. bicycle sharing) 
require significant infrastructure finance, which 
impact investors often are not able to provide.
 — Shared mobility and emissions measurement 
solutions which have the potential to 
contribute to reduce emissions and improve air


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solutions which have the potential to 
contribute to reduce emissions and improve air 
quality especially in urban areas.
 — Vehicle finance solutions and mobility solutions 
connecting isolated communities can have a 
significant impact, but may come with a higher 
level of financial risk that development finance 
institutions (DFIs) are able to take on.
Commercial Investors 
Whilst still a nascent sector, a number of Sustainable 
Mobility enterprises have already begun to attract 
interest from a range of commercial investors, 
and with the growing sophistication of the social 
investment sector and the evolution of new tools 
and structures to direct differentiated capital from 
a range of social and commercial investors toward 
inclusive markets, there is growing opportunity


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a range of social and commercial investors toward 
inclusive markets, there is growing opportunity 
to unlock significant investment from commercial 
sources – made more desirable by the significant 
social and environmental impact they can unlock 
across different Sustainable Mobility solutions. 
There remains a way to go before widespread 
commercial capital can be deployed across the 
Sustainable Mobility sector, however, and as across 
other more mature impact sectors, innovation in 
business models, products, services and solutions 
can allow one to address an underserved market, 
create large-scale impact and at the same time 
deliver steady medium-term returns – which should 
be attractive to institutional investors in particular.
For commercial investors, a number of innovative


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be attractive to institutional investors in particular.
For commercial investors, a number of innovative 
and tech-based Sustainable Mobility solutions can 
provide investable opportunities that can offer 
expected return requirements whilst still delivering 
significant impact. 
Investor zoom: UNEP 
UN Environment’s Electric Mobility 
Programme (UNEP) supports developing 
and transitional countries shift from fossil 
fuel to electric vehicles. UN Environment 
is currently active in five African countries 
working on the introduction of electric 
two and three wheelers and the e-Mobility 
programme is currently the only global 
programme that supports electric mobility 
for developing and transitional countries. 
UN Environment is supporting electric


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for developing and transitional countries. 
UN Environment is supporting electric 
two- and three-wheeler projects in eight 
countries in Africa and Asia, and recently 
launched a new pilot of 49 electric  
bikes in Nairobi.


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50
•
•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
 — Technology and software-based enterprises 
such as traffic coordination solutions and 
navigation and mapping tools, security 
systems (e.g. tracking systems, security 
cameras) and emissions measurement (e.g. 
measuring pollution in cities) as well as vehicle 
finance, shared mobility and ride-hailing  
applications based businesses.
 — In addition, logistics companies and delivery 
services are seeing a strong uptake, as demand 
for consumer goods is growing along with the 
economy and the emergence of middle classes 
in developing countries.
 — In certain emerging economies cleaner vehicles 
and infrastructure can already present


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in developing countries.
 — In certain emerging economies cleaner vehicles 
and infrastructure can already present 
interesting opportunities for commercial 
investors. 
Significant capital inflows can already be demonstrated 
in the logistics and vehicle finance sector, where 
platform-based solutions have to date received 
funding from a range of commercial investors. 
Sustainable Mobility can offer 
significant investment opportunities 
whatever the impact and return focus 
of investors, however, requires all 
investors to work together for the 
Sustainable Mobility sector to achieve 
its potential
Sustainable Mobility encompasses a wide range of 
solutions and as such can be present a compelling 
opportunity to a variety of investors with different


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solutions and as such can be present a compelling 
opportunity to a variety of investors with different 
impact and investment return priorities. Due to 
mobility’s inherent characteristic of being a catalyst 
and a lever through which people get “access” to 
a wide range of services, goods and economic 
opportunities, Sustainable Mobility enterprises 
can be of interest for almost any type of investor. 
As detailed in this paper, whether an investor is 
focused on gender, agriculture and food or energy, 
more impact driven or focused on commercial 
returns, they can all find relevant investments in 
the Sustainable Mobility space. 
Investor zoom: Mobility 54
Mobility 54 was established in October 
2019 as a mobility-dedicated Corporate 
Venture Capital (CVC) for Africa under


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Mobility 54 was established in October 
2019 as a mobility-dedicated Corporate 
Venture Capital (CVC) for Africa under 
Toyota Tsusho Corp and CFAO group. 
Mobility 54 invests in partners with 
innovative technology and services, invests 
“With Africa For Africa” helping solve 
the social and industrial challenges in 
Africa and invests with win-win synergies 
providing its Pan-Africa footprints and 
businesses to its partners. Mobility 54’s 
investment scope includes logistics to 
help revolutionize operations with digital 
platform technologies, transport through 
innovative services and digital transport 
management, finance through digital 
technologies and transformative mobility 
solutions (electrification, mobilitycare 
etc.). To date Mobility54 have invested


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solutions (electrification, mobilitycare 
etc.). To date Mobility54 have invested 
in 7 mobility enterprises including Sendy, 
Tugende, Data Integrated, Moja Ride. 
Table 1
Recent funding results of mobility enterprises 
in Africa
$20 million (Series A)
$20 million (Series A)
$30 million (Series B)
$6.3 million (Series A)


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•••• PART 3
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
Sustainable Mobility remains a nascent sector 
offering many opportunities that are currently 
under the radar of a large part of the funding and 
investment ecosystem. However, a joint effort 
from different types of finance actors is needed to 
meet the important funding needs and catalyse the 
growth of the sector across multiple interventions. 
Grant funding from donors and foundations 
can help catalyse growth and innovation in the 
Sustainable Mobility sector through a wide range 
of solutions that have the ability to foster economic 
growth. Their commitment needs to be backed by 
impact – first investors that are able to provide


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growth. Their commitment needs to be backed by 
impact – first investors that are able to provide 
patient capital for solutions with a wide range of 
impact, that offer innovative opportunities for 
investors’ various investment and impact themes. 
Multilateral banks and DFIs can bring credibility to 
the sector to scale private investment in the long 
term. This is especially im-portant for Sustainable 
Mobility business models that require significant 
infrastructure or asset-based investment to 
effectively scale solutions that provide long-
term public benefit. All of these investors can 
pave the road to increase and broaden the scope 
of commercial investment, which is currently 
largely focused on logistics and technology based 
Sustainable Mobility enterprises.


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largely focused on logistics and technology based 
Sustainable Mobility enterprises. 
The diverse range of Sustainable Mobility 
solutions offer a unique opportunity to investors 
to pioneer in entering a sector with a significant 
potential for growth and innovation, that will 
have multiple and deep social, economic and 
environmental impacts on their customers, their 
employees as well as the broader community they 
touch. Sustainable Mobility solutions can also be 
complementary and when combined multiply 
the overall impact generated. This can provide 
even greater options for investment strategies 
into the Sustainable Mobility sector, for instance 
combining investments in several solutions 
located in the same area and thus able to generate 
synergies for each type of investor.


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located in the same area and thus able to generate 
synergies for each type of investor. 
It therefore remains imperative that all types 
of investors understand the diverse range of 
Sustainable Mobility solutions currently deployed 
in the market and the importance that they play in 
helping to solve a multitude of challenges related 
to reaching the Sustainable Development Goals. 
Only through all investors working together in 
order to blend the different types of capital 
necessary to help both seed and scale these 
solutions, will the Sustainable Mobility sector be 
able to reach its potential.


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52
•
CONCLUSION
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
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CONCLUSION
The case for impact investment in sustainable mobility  
in developing countries
Enea Consulting – July 2021
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SOLAR APPLIANCE TECHNOLOGY BRIEF: TECHNOLOGY NAME  |   MONTH  2021 1
JUL Y 2021
EFFICIENCY FOR ACCESS COALITION
Solar Appliance Technology Brief
E-MOBILITY
Photo Credit: EEP Africa


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY |   JULY  2021 2
CONTEXT
This e-mobility technology brief is one in a series of insight briefs 
developed to synthesise the latest market intelligence and chart the 
pathway to commercialisation for some of the off-and weak-grid 
appropriate technologies most relevant to catalysing energy access 
and achieving the Sustainable Development Goals. 
The first iteration of the LEIA Technology Summaries was published in 2017 to 
help the newly established Efficiency for Access Coalition navigate a nascent 
market. At the time, e-mobility was not identified in the business case of 
the LEIA programme, as there were other appliance technologies that were 
more applicable to resource-constrained settings. Since then, there has


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more applicable to resource-constrained settings. Since then, there has 
been a growing interest in the e-mobility sector, from donors and funding 
programmes, as well as the emergence of companies active in the sector. This 
technology brief brings together the latest insights on the e-mobility market 
across emerging economies. You can access briefs on all technologies that are a 
part of this series here.   
This brief was developed by CLASP and Energy Saving Trust as part of the 
Low Energy Inclusive Appliances programme, a flagship programme of 
the Efficiency for Access Coalition. It is a catalyst for change, accelerating 
the growth of off-grid appliance markets to boost incomes, reduce carbon 
emissions, improve quality of life and support sustainable development.


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emissions, improve quality of life and support sustainable development. 
This brief was authored by Bejun Bakrania and Christopher Beland of Energy 
Saving Trust. We thank Jenny Corry Smith and Yasemin Erboy Ruff (CLASP), 
Eleanor Wagner, Richa Goyal and Leo Blyth (Energy Saving Trust), Tracy Dolan 
and Lauri Tuomaala (EEP Africa), Roland Vos (Powerhive), Shantha Bloemen 
(Mobility for Africa) and others for their review and input. 
This brief was funded by UK aid and the IKEA Foundation. The views expressed 
do not necessarily reflect the official policies of Government of the United 
Kingdom or the IKEA Foundation. 
Cite as: Efficiency for Access, 2021. Solar Appliance Technology Brief: Electric 
mobility.


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY|   JULY  2021 3
Introduction
Electric mobility (e-mobility) encompasses transport modes 
that are battery-powered, eliminating the need for an internal 
combustion engine (ICE), that releases toxic particulate 
matter and carbon dioxide. Road vehicles, including buses, 
trucks, cars, 2-wheelers (2w) and 3-wheelers (3w) account 
for almost 18% of transport CO2 emissions globally. However, 
only 1% of all road vehicles are currently electric, highlighting 
the need for a rapid transition to e-mobility.1  The use of 
renewable energy for powering e-mobility solutions is critical 
to ensuring that the transition to electrified transport is clean 
and low- to zero-carbon. 
Micro-mobility, consisting of, but not limited to, 2w and 3w,


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and low- to zero-carbon. 
Micro-mobility, consisting of, but not limited to, 2w and 3w, 
is the fastest growing form of transport in emerging markets 
due to its small size and relative affordability.2  In fact, the 
2w vehicle segment is set to be the second largest to be 
electrified globally.3  However, the electrification of micro-
mobility is still nascent in many urban and rural areas of 
emerging economies, due to affordability barriers, a lack of 
infrastructure and unreliable energy systems.4  Data is limited 
across much of Sub-Saharan Africa and South Asia, but some 
data on the progressive Indian market is more readily available 
and therefore has been presented in this brief.
Battery-powered e-mobility (comprised of a battery and


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and therefore has been presented in this brief.
Battery-powered e-mobility (comprised of a battery and 
electric motor-powered system) competes with hybrid and 
ICE vehicles. Batteries convert stored chemical energy into 
electrical energy through the flow of electrons. The electrical 
energy powers the motor, which is often connected to a 
gearbox that turns the wheels of the vehicle. The system offers 
energy savings of almost 83% compared to an ICE.   
The amount of energy stored per unit of battery volume, 
known as energy density, is crucial to ensuring that the 
performance of the vehicle can match that of an ICE vehicle. 
Advances in material chemistry have enabled batteries to be 
more energy dense, but production is costly. Smart batteries


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more energy dense, but production is costly. Smart batteries 
allow for advanced functioning of e-mobility solutions. They 
balance battery cell voltages and track temperature and 
charging rates to avoid stresses to the battery pack.6  The 
integration of this monitoring software can be used to harness 
data, not only on vehicle and battery usage, but also on 
charging, leasing and billing, which can reduce operational 
costs and increase productivity in the long term for all 
companies.
Permanent magnet (PM) motors are common in micro-e-
mobility applications. They offer greater energy efficiency, 
performance and reliability than other electric motors. An 
electric motor requires a combination of around 20 parts 
SDG INTERLINKAGES
E-mobility eliminates tail pipe emissions, addressing


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SDG INTERLINKAGES
E-mobility eliminates tail pipe emissions, addressing 
good health by reducing pollution, and contributes 
to building sustainable cities. Rural communities can 
safely transport their produce, typically food, increasing 
their productive efficiency. Improved food systems 
transportation can nourish populations better and 
provide fair incomes to producers through access to new 
markets, allowing them to exit the cycle of poverty and 
contribute more to economic growth. 
Figure 1. Electric two- and three-wheelers commonly available 
1. IEA, Transport: Improving the sustainability of passenger and freight transport. (2021), https:/ /www.iea.org/topics/transport


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2. UNEP, Electric two and three wheelers. (2021), https:/ /www.unep.org/explore-topics/transport/what-we-do/electric-mobility/electric-two-and-three-wheelers
3. Bloomberg NEF, Electric Vehicle Outlook 2021. (2021), https:/ /about.bnef.com/electric-vehicle-outlook/.
4. KPMG, Mobility 2030 ICE in Africa. (2020), https:/ /assets.kpmg/content/dam/kpmg/za/pdf/pdf2020/mobility-2030-ice-in%20africa.pdf
5. Efficiency for Access, The Benefits of Permanent Magnet Motors, Volume 1. (2021), pg.28, https:/ /storage.googleapis.com/e4a-website-assets/The-Benefits-of-Permanent-Magnet-Motors_
Efficiency-for-Access.pdf
6. E-mobility Engineering, Battery Management Systems. (n.d.), https:/ /www.emobility-engineering.com/post/tech-focus-battery-management-systems
Electric 2-wheeler Electric 3-wheeler


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Electric 2-wheeler Electric 3-wheeler 
E-MOBILITY
SDG 1: No Poverty
SDG 2: Zero Hunger
SDG 3: Good Health & Wellbeing
SDG 5: Gender Equality
SDG 7: Clean Energy
SDG 9: Industry Innovation & Infrastructure
SDG 10: Reduced Inequalities
SDG 11: Sustainable Cities & Communities
SDG 13: Climate Action


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY |   JULY  2021 4
compared to more than 200 parts for a petrol engine,7 reducing 
maintenance costs. More information on this technology can 
be found in the PM Motors Technology Brief.   
State of Play 
The cost and performance of e-mobility technology is affected 
by the battery market.  Vehicle specifications for emerging 
technologies in Sub-Saharan Africa are sparse. However, 
specifications from the Indian micro e-mobility market are more 
readily available (Table 1).
The battery pack currently comprises almost 40% of the cost 
of an electric vehicle, as advancements in battery technology 
have not yet reached market maturity.8  Low-cost lithium-ion 
(Li-on) batteries are projected to dominate micro e-mobility


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(Li-on) batteries are projected to dominate micro e-mobility 
applications in markets such as India by 2023 due to their 
lighter weight and higher energy densities.9 The most common 
Li-ion battery chemistry is the nickel manganese cobalt oxide 
(NMC) cathode, developments within which are expected to 
present energy densities of up to 325 Wh/kg on a cell-level.10 
Existing Li-ion battery technology is adequate to meet the 
range and speed expectations for micro mobility currently, but 
other evolving battery innovations, such as solid-state batteries, 
are expected to meet the needs of heavier duty ICE vehicles 
around 2030. In India, electric 2w (e-2w), electric 3w (e-3w) and 
cars will have lower capital costs than their ICE equivalents by


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cars will have lower capital costs than their ICE equivalents by 
2027 due to a projected decline in Li-ion battery prices.11
Li-on batteries used for e-mobility can be re-purposed for rural 
7.  ESMAP, Electric Mobility & Development. (2018), pg.31, .
8. Amit Raja Naik, Electric Vehicles This Week: Amended Motor Vehicle Rules To Boost EV & More. (Inc42, 2020), https:/ /inc42.com/infocus/electric-vehicles-this-week/amended-motor-vehicle-rules-to-boost-
ev-more/
9. Charlie Bloch et al., Breakthrough Batteries: Powering the Era of Clean Electrification, (Rocky Mountain Institute, 2020), pg.8, https:/ /rmi.org/wp-content/uploads/2019/10/rmi_breakthrough_batteries.pdf


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10. EPO, IEA, Innovation in batteries and electricity storage. (2020), pg.29, http:/ /documents.epo.org/projects/babylon/eponet.nsf/0/969395F58EB07213C12585E7002C7046/$FILE/battery_study_en.pdf.
11. I d .
12. Climate Smart Mining Initiative and ESMAP, Reuse and Recycling: Environmental Sustainability of Lithium-Ion Battery Energy Storage Systems. (2020), 
13. Global Leap Awards, Solar E-Waste Challenge: A program to support innovations in off-grid solar e-waste management. (2020)
14.  Jonathan Gaventa, Africa's bumpy road to an electric vehicle future. (E3G, 2021), https:/ /www.e3g.org/news/africa-s-bumpy-road-to-an-electric-vehicle-future/


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15. Richa Goyal, Six Key Trends Driving Affordable, Low-Carbon Growth in the Rural E-Mobility Sector. (next billion, 2020), https:/ /nextbillion.net/key-trends-affordable-low-carbon-rural-e-mobility/
16.  Science for Environmental Policy, Towards the battery of the future. (European Commission, 2018), https:/ /ec.europa.eu/environment/integration/research/newsalert/pdf/towards_the_battery_of_the_
future_FB20_en.pdf
17. Shyamasis Das et al., Charging India's Two- and Three-Wheeler Transport. (AEEE, 2020)
18.  Avendus, Electric Vehicles: Charging towards a bright future. (2020)
stationary storage applications, such as solar home systems, 
increasing affordability, access to energy and the uptake of 
appliances in off-grid settings.12  This also helps to ensure


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appliances in off-grid settings.12  This also helps to ensure 
the sustainability of lithium usage for battery production, 
as battery up-cycling and urban mining can reduce waste. 
The Global LEAP Solar E-Waste Challenge is one example of 
initiatives encouraging companies in the off-grid solar sector to 
implement end-of-life systems for batteries.13
Rural Sub-Saharan Africa presents a strong potential market 
for micro e-mobility solutions, as the climate is warm and 
people typically travel less than 80km daily with average 
vehicle speeds of 60 km/h. Several early-stage start-ups have 
infiltrated regions like East Africa. Companies are piloting 
and adopting various manufacturing approaches, including 
importing off-the-shelf e-2w and e-3w from China and India,


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and adopting various manufacturing approaches, including 
importing off-the-shelf e-2w and e-3w from China and India, 
importing components from China for local assembly and 
retrofitting existing ICE vehicles, as Africa is home to 40% of 
global exports of used ICE vehicles.14
India is a large exporter to Africa. Bajaj Auto, the country’s 
largest manufacturer of 2w and 3w, exports to 35 African 
countries.15  Average specifications of e-2w and e-3w from the 
Indian market are displayed in Table 1 to give an approximate 
representation of micro e-mobility solutions. The total cost 
of ownership (TCO) considers the capital and maintenance 
costs of owning a vehicle. E-2w and e-3w in India are reaching 
cost parity with ICE equivalents already  (see Table 1), due to


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cost parity with ICE equivalents already  (see Table 1), due to 
their smaller size and lighter weight compared with heavier 
ICE vehicles.16  Although the upfront cost of e-mobility is high, 
the payback period for consumers in emerging economies is 
Table 1. Typical specifications for e-2W and e-3W available in the Indian market.17, 18
VEHICLE CLASSIFICATION BATTERY CAPACITY 
(LI-ION)
MAX SPEED AND/OR MOTOR 
POWER (ELECTRIC)
TCO PARITY ACHIEVED 
WITH ICE WHEN TRAVELED
e-2w Low/medium speed Most are 1.2 to 2.2 
kWh
25 km/h, 0.25 kW Less than 10 km daily
High speed Most are 1.2 to 2.2 
kWh
45 km/h, 0.5 kW More than 40 km daily
e-3w E-rickshaw 2.8 to 6.6 kWh 4 kW More than 120 km daily 
(parity with lead-acid)
E-auto 3.8 to 7 .4 kWh >25 km/h, >0.25 kW -
E-cargo 4.8 to 7 kWh - -


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY |   JULY 2021 5
19. IEA, Africa Energy Outlook. (2019), https:/ /iea.blob.core.windows.net/assets/2f7b6170-d616-4dd7-a7ca-a65a3a332fc1/Africa_Energy_Outlook_2019.pdf
20. Jurg M. Grutter and Ki-Joon Kim, E-mobility Options for ADB Developing Member Countries. (ADB, 2019), pg.75, https:/ /www.adb.org/sites/default/files/publication/494566/sdwp-060-e-mobility-
options-adb-dmcs.pdf
21. Gaventa, Africa’s bumpy road to an electric vehicle future
22. Grutter and Kim, E-mobility Options for ADB Developing Member Countries, pg.75
23. UNEP, Paving the way for electric mobility in South-East Asia.


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23. UNEP, Paving the way for electric mobility in South-East Asia.
24. Deloitte, Full speed ahead: Supercharging electric mobility in Southeast Asia. (2021), https:/ /www2.deloitte.com/id/en/pages/strategy-operations/articles/full-speed-ahead.html
25. Shell, Cities on the Move: Driving Asia’s Mobility Revolution. (2020), pg.10, https:/ /www.shell.com/energy-and-innovation/the-energy-future/future-transport/future-transportation-asia.html .
26. Shell, Cities on the Move, pg.13
27. UNEP, Paving the way for electric mobility in South-East Asia
28. Anup Ojha, Tempo drivers are driven to despair as not many are using these three-wheelers over Covid-19 fears. (The Kathmandu Post, 2020), https:/ /kathmandupost.com/valley/2020/08/01/tempo-


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drivers-are-driven-to-despair-as-not-many-are-using-these-three-wheelers-over-covid-19-fears
29. Anne Cassidy, How women are driving change in Kathmandu. (Winrock International, n.d.), https:/ /winrock.org/how-women-are-driving-change-in-kathmandu/
30. EED Advisory and Siemens Stiftung, Environmental Impact of E-mobility in the Lake Victoria Regions, Western Kenya. (2020), pg.13, https:/ /www.siemens-stiftung.org/wp-content/uploads/medien/
publikationen/studie-environmentalimpactofemobilityfinalreport-siemensstiftung.pdf
31. Uma Gupta, Electric vehicle adoption in India will be led by three-wheelers. (pv magazine, 2020), https:/ /www.pv-magazine-india.com/2020/1 1/05/electric-vehicle-adoption-in-india-will-be-led-by-three-
wheelers


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wheelers
32. Malyaban Ghosh, India poised to be top EV manufacturing hub. (mint, 2021), https:/ /www.livemint.com/industry/manufacturing/india-will-become-largest-hub-for-manufacturing-of-evs-in-coming-
years-gadkari-1 1618760404015.html
33. Mckinsey Center for Future Mobility, The unexpected trip: The future of mobility in India beyond COVID-19. (2020), https:/ /www.mckinsey.com/industries/automotive-and-assembly/our-insights/the-
unexpected-trip-the-future-of-mobility-in-india-beyond-covid-19 .
34. Id pg.4
35. Siemens Stiftung, E-Mobility Solutions for Rural Sub-Saharan Africa: Leveraging Economic, Social and Environmental Change. (2020), https:/ /www.siemens-stiftung.org/en/media/news/e-mobility-
solutions-for-sub-saharan-africa-siemens-stiftung-publishes-its-first-booklet/


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solutions-for-sub-saharan-africa-siemens-stiftung-publishes-its-first-booklet/
36. Association for Electric Mobility and Development in Africa (AEMDA), EV Market Barriers in Kenya: Market Survey 2021. (2021), pg.2, https:/ /aemda.org/knowledge-hub/
37. Id., pg.4
38.  Linda Calabrese, How manufacturing motorcycles can boost Uganda's Economy. (ODI, 2017), https:/ /odi.org/en/insights/how-manufacturing-motorcycles-can-boost-ugandas-economy/.
passengers. These passengers are predominantly women as 
other public buses are heavily congested.28 They have recently 
increased in circulation due to wider access to finance for 
women.29
India is one of the largest manufacturers of micro-mobility and 
has adopted supportive policies, such as the Faster Adoption


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has adopted supportive policies, such as the Faster Adoption 
and Manufacturing of Hybrid and EV (FAME) scheme in 2015, 
to accelerate the electrification of its vehicle fleets. Although 
market penetration of all e-mobility in India is less than 1%, 
FAME has doubled the sales of e-2w, from 54,800 to 126,000 
recorded in March 2019 (Figure 2).30 The policy demonstrates 
the important role of subsidy schemes in growing a nascent 
e-mobility market. India is also positioning itself to be a hub for 
the manufacturing of e-mobility components, such as motors 
and temperature management systems.31  
Figure 2 (page 6) shows increasing domestic sales of e-2w and 
e-3w in India, though COVID-19 impacted the sales in 2021. 
The demand for last-mile mobility is expected to see continued


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The demand for last-mile mobility is expected to see continued 
growth due to rising activity in e-commerce and food delivery, 
which saw increased uptake of e-mobility solutions pre-
COVID -19.32,33  Sales are projected to reach between 8 and 9 
million units by 2030 for e-2w. Expected sales of e-3w in 2030 
may reach almost 600,000 units.34
Activity and innovation are growing in East Africa, particularly 
in Uganda and Kenya. Kenya had only 350 electric vehicles 
registered in 2019, while 2w and 3w accounted for the majority 
of its 3.2 million vehicles/ Kenya is working to electrify fleets 
and cut transport emissions as part of its nationally determined 
contributions (NDCs).35, 36 As of May 2021, 18 companies are 
working in the e-mobility sector, 16 of which are focused on


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working in the e-mobility sector, 16 of which are focused on 
e-2w or e-3w.37
Uganda is one of the largest ICE motorcycle importers in East 
Africa,38 presenting huge potential to switch its fleets to electric. 
Companies, such as Bodawerk in Uganda and Opibus in Kenya, 
have had early success with displacing ICE motorbikes.39 This 
estimated to be between two and three years. Inclusive business 
models that prioritse affordability can make e-mobility more 
accessible to consumers.19
Market Insights   
Direct comparisons between emerging markets have been 
difficult to make due to regional differences in government 
support, use cases and demographics. Other Asian countries 
(excluding China) have demonstrated uptake of e-2w and


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support, use cases and demographics. Other Asian countries 
(excluding China) have demonstrated uptake of e-2w and 
e-3w, but have faced barriers in performance, where the units 
deployed have been low quality, using lead-acid batteries and 
low-powered motors.20  The most activity is seen in East-African 
urban markets, with more ride-hailing companies offering 
electric fleets.21 Rural Sub-Saharan Africa is still far behind. To 
successfully address core barriers, reliable energy access and 
longer travel distances, a deeper understanding of rural use 
cases is needed.  Falling battery prices combined with more 
government support and private investment can help bring Li-
on based mobility solutions to the market. A focus on consumer


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on based mobility solutions to the market. A focus on consumer 
needs can avoid reliance on and relapse into ICE-powered 
mobility for convenience.22 
The Southeast Asia market is largely untapped where over 80% 
of households in Thailand, Malaysia, Vietnam and Indonesia 
own ICE 2w.23  Although there is limited information available on 
rural areas and use-cases, the TCO for e-2w is 27% lower than 
ICE scooters for these countries,24 presenting a strong case for 
business models that reduce the up-front cost for consumers. 
Consumers across the region in dense, traffic-heavy urban 
areas have communicated a high willingness to pay for mobility. 
60% of people would pay to reduce their commuting time.25 
The Philippines has seen growth in the demand for e-tricycles


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The Philippines has seen growth in the demand for e-tricycles 
and e-jeepneys,26 where e-3w postal fleets launched during 
COVID-19 accelerated the delivery of food packs for quarantined 
people.27 Safa Tempos, e-3w mini-buses in Kathmandu, Nepal 
have gained traction again, despite existing for over 20 years. 
The fleet of around 1,000 vehicles provides rides for 90,200


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involves replacing an ICE with an electric system and allows 
for a resource-efficient way to electrify second-hand petrol-
powered fleets.40, 41
In contrast, companies such as Powerhive in Kenya and 
Mobility for Africa in Zimbabwe, first tested off-the-shelf micro 
e-mobility solutions to identify how the vehicles can be adapted 
to suit their rural customers better.
Powerhive then ordered more customised vehicles based 
on feedback from their riders and Mobility for Africa 
imported parts and assembled locally to create employment 
opportunities for women. To accelerate the uptake of e-mobility 
solutions, specific business models that are more established 
in India, and emerging in Africa, are addressing affordability 
challenges.


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in India, and emerging in Africa, are addressing affordability 
challenges.
These include mobility-as-a-service (MaaS), charging-as-a-
service (see Box 1) and lease-to-own. The former two involve 
the service provider retaining ownership of the batteries and
39. CIG Uganda, Electric Mobility – Working Towards Sustainable Urban Transportation. (2021), https:/ /www.ugandacig.com/news/electric-mobility-working-towards-sustainable-urban-transportation/
40. CleanTechnica, 2020, Uganda-Based Bodawerk’s Electric Tractors, Motorcycle Conversion Kits, Threshing & Milling Machines Look Set to Transform lives, https:/ /cleantechnica.com/2020/07 /19/uganda-
based-bodawerks-electric-tractors-motorcycle-conversion-kits-threshing-milling-machines-look-set-to-transform-lives/


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based-bodawerks-electric-tractors-motorcycle-conversion-kits-threshing-milling-machines-look-set-to-transform-lives/
41. Goyal, Six Key Trends Driving Affordable, Low-Carbon Growth.
42. BBC, Why motorbike apps are scrambling for Africa. (2019), https:/ /www.bbc.co.uk/news/world-africa-50228185
43. EEP Africa, Electric Boda Bodas. (2020), https:/ /eepafrica.org/wp-content/uploads/2020/09/IBM_Zembo_DigitalVersion.pdf
44. Lovedeep Brar et al., The India Electric Vehicle Opportunity: Market Entry Toolkit. (Energy Systems Catapult, 2021), https:/ /cp.catapult.org.uk/wp-content/uploads/2021/03/210318_1020_CPC_India_
Report.pdf


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Report.pdf 
45. HT Auto, Electric vehicle sales slump 19.4% in FY2021 to 238,120 units. (Hindustan Times, 2021), https:/ /auto.hindustantimes.com/auto/news/electric-vehicle-sales-slump-19-4-in-fy2021-to-238-120-
units-41619346113748.html.
vehicles. Drivers can rent vehicles or have batteries charged 
by the day to perform income-earning activities, such as taxi 
services. This is becoming popular in urban areas of Sub-
Saharan Africa, where the 2W taxi market was estimated to 
be worth approximately GBP 62 billion in 2019.42  Zembo in 
Uganda, has adopted the lease-to-own model, where riders 
in urban areas can pay weekly fees over two years to reach full 
ownership. Fees include the use of the e-2W, maintenance 
services and battery recharging.43


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ownership. Fees include the use of the e-2W, maintenance 
services and battery recharging.43
As digital platforms become more accessible through smart 
phones, startups targeting Africa are following the Southeast 
Asian approach to providing instant services through ‘super 
apps’, where credit facilities and mobility services can be 
accessed instantly. This is similar to the PAYGo solar sector, 
which is increasing financial inclusion for marginalised 
communities. However, this approach is proving difficult for 
rural areas, where access to smart phones is limited due to very 
low affordability. 
35000
10000
15000
20000
25000
30000
5000
0
Figure 2. Domestic unit sales of e-2w and e-3w in India44,45 
FY 2018 FY 2019 FY 2020 FY 2021
e-2w e-3w


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30000
5000
0
Figure 2. Domestic unit sales of e-2w and e-3w in India44,45 
FY 2018 FY 2019 FY 2020 FY 2021
e-2w e-3w
SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY |   JULY 2021 6


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY  |   JULY  2021 7
Charging-as-a-service can offer battery swapping or renting. Battery swapping enables drivers to replace their discharged battery 
with a fully charged one for a small fee. This business model innovation addresses two major barriers to the adoption of micro 
e-mobility: high upfront costs of vehicle ownership and long charging times. The model also eliminates the need for fast charging, 
which accelerates battery degradation.46 It is more established in India, where the swapping market is expected to generate revenues 
of USD6.1million by 2030. 47 Battery swapping stations tend to be offered in partnership with vehicle rental, so that vehicles are


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essentially being offered to users without the battery included, resulting in a 40-50% price reduction. In Nairobi, Kenya Stima Mobility 
offers urban riders a service that combines battery swapping with a PAYGo system.
Under this Stima take responsibility of battery management and health, so that riders do not have to incur the cost of ownership.48 In 
rural Kenya, Powerhive is piloting locally assembled battery swapping units in combination with vehicle rental as part of their mini-
grid services.49  However, due to very low utilisation of e-mobility in rural areas, commercial viability is harder to achieve and requires 
patient capital. 
A battery rental model can be offered on its own or as part of a larger service. For a small fee, the start-up Asobo rents out electric


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motors with batteries and charging to fisher-people on the shores of Lake Victoria, Kenya. The batteries are charged during the day at 
their hubs using solar energy and then transported back to the shore, ready for night-time fishing.50 Users have seen their operational 
costs reduce by 25% compared to when they were using petrol and diesel-engine boats.51
CHARGING-AS- A-SERVICE
Business Model
BOX 1
46. Parveen Kumar et al., Battery Swapping: An Alternative Fast Re-fueling Option for E-2Ws and E-3Ws in India. (WRI India, 2021)
47. I d.
48. Techcabal, Electric mobility in Africa could be the next big thing for global investors. (2021), 
49. Efficiency for Access, Research and Development Fund Project Spotlight, Powerhive Inc UK (2020)


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49. Efficiency for Access, Research and Development Fund Project Spotlight, Powerhive Inc UK (2020)
50. Baird Maritime, Dutch Startup to Refit Kenya’s Small Fishing Boats with Electric Motors. (2020), 
51. Africa News, Motorboat company launches electric fishing boats on Lake Victoria. (2021),  https:/ /www.africanews.com/2021/02/26/motorboat-company-launches-electric-fishing-boats-on-lake-
victoria/.


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY  |   JULY  2021 8
52. The Conversation, How we’re measuring air quality in Kampala - and why it works for African cities. (2020), https:/ /theconversation.com/how-were-measuring-air-quality-in-kampala-and-why-it-works-
for-african-cities-143006.
53.  Foreign, Commonwealth and Development Office, Country scoping of research priorities on low-carbon transport in Uganda. (2020).
54. UNEP, Electric two and three wheelers.
55.  IEA, Africa Energy Outlook, pg.95.
56.Remeredzai J. Kuhudzai, Mobility For Africa Shows How Electric Vehicles Can Transform Lives Where It Matters Most – Part 2. (2020),


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57. Joe Bush, Innovative new company launched on the shores of Lake Victoria. (Startups Magazine, n.d.), https:/ /startupsmagazine.co.uk/article-innovative-new-company-launched-shores-lake-victoria .
58.EEP Africa, Electric Boda Bodas, pg.1 1.
59. Benoit Faucon and Alexandra Wexler, How EVs Could Transform the Streets of Africa. (The Wall Street Journal, 2021), https:/ /www.wsj.com/articles/ev-electric-vehicle-africa-1 1620854230.
Consumer Impacts
The introduction of e-mobility into different contexts and 
use cases can bring a multitude of benefits to consumers. 
Environmental benefits include reduced localised air pollu-
tion and greenhouse gas emissions. If user-centric business 
models are adopted, e-mobility can empower women and


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tion and greenhouse gas emissions. If user-centric business 
models are adopted, e-mobility can empower women and 
girls and help serve the medical needs of the elderly and sick. 
E-mobility can reduce air pollution and greenhouse 
gas emissions. A decline in tailpipe emissions lowers the 
volume of toxic gases released into the atmosphere, reduc-
ing localised air pollution. WHO ranked Kampala, Uganda 
as one of the top polluting cities globally due to vehicle 
emissions from traffic. Moreover, until 2018, the average age 
of the vehicles in use was over 15 years old, making them 
highly inefficient with large carbon footprints. 52 In recent 
years, the government has encouraged electric buses and 
e-2W, the most common forms of transport in the city . 53  It is


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e-2W, the most common forms of transport in the city . 53  It is 
estimated that emissions could be cut by 11 billion tonnes of 
CO2  by 2050 if 90% of global 2w sales were battery-electric 
by 2030.54 
Expansion of e-mobility in rural areas can strengthen 
food systems and increase the incomes of small-hold-
er farmers in the least developed areas. Box 2 high-
lights the benefits e-mobility can enable in productive-use 
applications.
Improved mobility empowers women and enables 
autonomy. Rural African women spend 40 billion hours a 
year walking to carry out various tasks, from collecting water 
to working in the fields. As many tasks are performed with 
children close by, e-mobility solutions present a healthier 
and more convenient option, with no exposure to toxic


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children close by, e-mobility solutions present a healthier 
and more convenient option, with no exposure to toxic 
fumes. With high maternal mortality rates in rural areas, 
e-mobility can also aid in attending to urgent medical needs. 
For example, using light e-2w that allow medical profes-
sionals to travel greater distances faster, especially during a 
medical emergency .55  Mobility for Africa committed a few 
of its electric Hambas to serve the rural health sector during 
the COVID-19 pandemic and delivered food and supplies to 
families in need.56  
Electric motors can eliminate toxic fumes and reduce 
engine noise on fishing boats. Fossil fuel-powered fishing 
boats are noisy and pollute the local environment. Fisher-
people on Lake Victoria, have reported that the reduction in


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people on Lake Victoria, have reported that the reduction in 
noise with the use of electric boats has allowed them to hear 
commands easily and listen to the radio whilst waiting for a 
catch, making their job more pleasant.57
Monetary savings can lead to financial empowerment 
and contribute to SDG 1. Since the TCO of an e-2w is 
much cheaper per kilometre than that of ICE-powered bikes, 
African e-moto-taxi business models offering pricing for 
charging- and mobility-as-a-service, suitable for those with 
the lowest incomes, have already enabled riders to make sig-
nificant savings. A Zembo driver was able to save almost USD 
300 in three weeks of using an e-2w.58 Similarly, the income 
of a driver working for the Rwandan e-moto taxi service,


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300 in three weeks of using an e-2w.58 Similarly, the income 
of a driver working for the Rwandan e-moto taxi service, 
Ampersand, increased by 42% after leasing an e-2w.59 With 
more disposable income, they have been able to provide 
meals consistently for their family and save for theirchildren’s 
school fees and healthcare.


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY  |   JULY  2021 9
Small-holder farmers in Sub-Saharan Africa produce 80% of the food consumed on the continent.60  Access to rural transport plays 
a large role in addressing SDG 2, Zero Hunger, as it can enable faster, safer and cheaper transportation of fresh food by market trad-
ers and farmers to nearby urban areas. With more reliable and increased access to fresh food, producers will benefit from higher 
incomes through reduced food spoilage and consumers will have increased food security . 
Innovation will see the integration with other sectors, such as cooling. Currently, food supply chains rely on fossil fuel-powered


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vehicles to transport food to local markets.61 Devidayal Solar Solutions is one company working on providing truck-mounted solar 
refrigerators to reduce food spoilage and increase income for women farmers in India.62 Although these are ICE-powered trucks, 
advancements in battery technologies by 2030 will enable lighter, more energy dense solutions that may unlock opportunities to 
power the mobility of commercial vehicles.62
Mobility for Africa’s Hamba (e-3w) is designed for women and has a maximum load capacity of 400kg, allowing for the transporta-
tion of both children and agricultural produce.63 A shared use and community-based service business model allows the Hamba to


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be leased to groups of up to five women engaging in productive use activities, resulting in higher utilisation and lower operational 
costs. WeT u piloted battery-assisted pedal e-cargo bikes in Kenya that have a maximum load capacity of 160kg and are assembled 
locally for job creation in Mbita.64 They are designed for off-road use and for the delivery of goods and services in rural areas, such 
as for transporting ice boxes to keep fish fresh in transit from the Lake Victoria region.65
E-MOBILITY IN PRODUCTIVE USE 
APPLICATIONS
Potential Impacts
BOX 2
60. Kigali Cooling Efficiency Program, Reducing food loss and increasing farmers’ income: Supporting efficient, climate-friendly agricultural cold chain in India. (2020).


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61. Efficiency for Access, Research and Development Project Spotlight: Devidayal Solar Solutions PVT LTD. (2019).
62.Bloch et al., Breakthrough Batteries, pg.8.
63.Efficiency for Access, Business Model Innovations Addressing Affordability: Case Studies. (2021).
64. EED Advisory and Siemens Stiftung, Environmental Impact of E-mobility, pg.7.
65. Remeredzai J. Kuhudzai, Strong E-Mobility Focus At The Recent Lake Basin Region Innovation & Investment Week In Kisumu. (CleanTechnica, 2019)
Photo: Ecolife
A fossil-fuel  2 wheeler transports 
product to a local market.


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY  |   JULY  2021 10
Current Success and Remaining 
Challenges 
The growing number of technology and business model 
research and development (R&D) pilots and deployments 
in sub-Saharan Africa have demonstrated strong demand 
for e-mobility and highlighted some key trends and early 
successes. However, there is a clear need for continued 
financial support for new entrants to the sector who are 
tackling the challenges that remain around affordability, 
manufacturing and infrastructure provision.  
Successes
• Increasing private sector investment and donor 
interest. Despite a nascent market, a mixture of private 
sector financing is enabling technology and business 
model R&D. EkoRent Africa received investment of EUR


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sector financing is enabling technology and business 
model R&D. EkoRent Africa received investment of EUR 
1 million in 2020 to support the scale-up of its Nairobi-
based e-taxi-hailing service.67 An e-mobility start-up in 
Rwanda recently secured USD 3.5 million in venture capital 
funding, the largest private investment made in the clean 
transport sector in sub-Saharan Africa.68
• Supportive government policies can boost local 
assembly and manufacturing. The FAME scheme in 
India requires 50% of components for e-mobility to be 
sourced locally, which has encouraged a stronger and 
more sustainable local vehicle manufacturing industry. 
Various start-ups in Sub-Saharan Africa are also striving 
to adopt this approach by assembling bikes and battery


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Various start-ups in Sub-Saharan Africa are also striving 
to adopt this approach by assembling bikes and battery 
swapping stations locally. It presents opportunities for 
employment, faster production and cost savings for the 
business and local resilience and independence.69
• A rise in business models that offer pricing suitable 
for low-income individuals and combined services. 
The emergence of innovative business models, such as 
battery swapping, has shown interest from investors and 
users alike.70  Battery swapping and ‘hub’ models that 
provide solar charging for mobility are examples that are 
fostering local employment. The hubs allow for other solar 
powered services to be easily accessed, such as clean 
water and mobile phone charging, and are proving popular


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powered services to be easily accessed, such as clean 
water and mobile phone charging, and are proving popular 
with riders participating in field pilots.71
Challenges
• Limited reliable market data in emerging 
economies.  The market is more nascent in Sub-Saharan 
Africa than in Asia, with few to no established players with 
proven viable business models. Therefore, the needs of 
the rural end-users are still largely unmet. This impacts the 
entry of influential stakeholders who can catalyse a step-
change in business model and technology scale-up, such 
as financiers and potential companies looking to expand 
into emerging markets. These stakeholders require 
more evidence and data on rural sector needs to reliably 
assess viability and allow them to make decisions with


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more evidence and data on rural sector needs to reliably 
assess viability and allow them to make decisions with 
confidence to finance the piloting of appropriate business 
models and vehicle R&D.
• The integration of open and interoperable software 
and hardware communication technologies in rural 
areas. Integrated software solutions, such as battery 
management systems with cloud platform services, 
can enable data to be easily harnessed. The collection 
and communication of data between the different 
aspects of the long and diverse e-mobility value chain 
can result in real-time visibility of operations, increasing 
productivity and reducing operational costs. However, 
a lack of infrastructure, network and technology access 
in rural areas presents challenges in implementing these


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a lack of infrastructure, network and technology access 
in rural areas presents challenges in implementing these 
advanced communication systems, elongating project 
delivery times and requiring patient capital.
67. InfraCo Africa, Accelerating access to electric mobility. (2020), https:/ /infracoafrica.com/accelerating-access-to-electric-mobility/.
68.Todd Gillespie, Africa's electric motorbike ioneer Seizes Silicon Valley Funds. (Bloomberg Green, 2021), https:/ /www.bloomberg.com/news/articles/2021-04-08/africa-s-electric-motorbike-pioneer-
seizes-silicon-valley-funds .
69. Goyal, Six Key Trends Driving Affordable, Low-Carbon Growth.
70.McKinsey Center for Future Mobility, The unexpected trip.


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70.McKinsey Center for Future Mobility, The unexpected trip.
71. WeTu, Social business model with new technologies. (Siemens Stiftung, 2021), https:/ /www.siemens-stiftung.org/en/projects/wetu/.


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SOLAR APPLIANCE TECHNOLOGY BRIEF: E-MOBILITY  |   JULY  2021 11
RECOMMENDATIONS AND PATHWAY TO SCALE 
Finance all aspects of the value chain
Business models, vehicles and energy technologies are all key areas of the wider value chain 
of electrifying mobility. They have the potential to drive positive social impacts in emerging 
markets and profits for service providers. Due to the nascent nature of the rural e-mobility 
market, financiers, particularly investors, need to be patient, as inclusive pricing will both 
attract a large customer base and enable them to prove viability to be achieved over the 
long-term.72  Access to equity and debt financing will encourage companies to scale-up. Rural 
populations have different needs from urban areas, therefore financing capacity building and


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populations have different needs from urban areas, therefore financing capacity building and 
initial assessments around the needs of the market should be prioritised.
Promote specialisation of different business and 
technology areas 
The full e-mobility picture requires energy systems, charging infrastructure, vehicle 
technology, appropriate business models, specific local operations and maintenance 
expertise. The commercial viability of the solution will improve if companies specialise and 
collaborate. For example, a company providing an affordable e-2W leasing can reduce 
operational costs by partnering with a charging as a service company to offer battery 
swapping. Specialisation can aid economies of scale, which is what the sector needs to


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swapping. Specialisation can aid economies of scale, which is what the sector needs to 
accelerate environmental and social impact, as well as commercial viability. 
Ensure a clean and reliable power supply
A clean and renewables-powered transition to e-mobility will help to achieve SDG 7 , 1 1 and 13 
and deliver net-zero benefits to investors, donors and governments. Simultaneously, having 
charging kiosks or hubs entirely powered by solar cannot be relied upon to provide consistent 
power for battery swaps. Therefore, appropriate energy systems need to be realised. Cases 
may require hybrid solutions in the form of smart solar mini-grids and largely renewables-
powered national grid connections, to ensure reliable and clean power .


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powered national grid connections, to ensure reliable and clean power . 
72. Anne Gachoka and Jacob Winiecki, Assessing the impact of tech-enabled urban mobility. (Shell Foundation, BFA, 2020), https:/ /bfaglobal.com/wp-content/uploads/2020/06/Shell-Foundation_BFA_
SafeBoda_MAX_Impact.pdf .
Reduce e-waste and build a circular economy
Ethics, sustainability and e-waste are all crucial aspects that will take time to be established 
into systems as the production and uptake of batteries increases. They must also be 
both profitable and supportive of the circular economy in order to function successfully. 
Establishing local manufacturing may present a solution to this, as sourcing parts becomes 
easier and less costly for local companies. This would present opportunities for recycling


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easier and less costly for local companies. This would present opportunities for recycling 
systems to also be locally integrated into manufacturing bases.


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CONTACT US
 efficiencyforaccess.org
 info@efficiencyforaccess.org
 @EforA_Coalition
Photo Credit: Powergen
© 2021 Efficiency for Access 
CREDITS: All photos are stock or property of the Efficiency for Access Coalition


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Lower electricity cost
Peak load shifting brings in a price diﬀerence income given charging at the valley and discharging
at the peak. 
Power supply in oﬀ-grid areas
Helps to meet power demand in areas free or shortage of electricity. 
Higher transport capacity
Helps to optimize transport tools, cut down labor cost, improve work eﬃciency and increase
income.  
Solar energy storage
Renewable energy power generation equipment, such as solar energy, is used to provide electricity for
charging stations and store electric energy to ensure power supply.
The energy management system
Helps to realize solar energy storage and charging, peak load shifting, renewable energy power generation, 
mobile emergency standby power supply, power supply, etc.
PV
Battery rack Battery pack
Electric generator


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mobile emergency standby power supply, power supply, etc.
PV
Battery rack Battery pack
Electric generator
Power grid
T ricycle
Small businesses, electric tricycles, agricultural and industrial transportation, intelligent optical
storage and charging stations, oﬀ-grid areas.
Applications
Features
YOUR FLEXIBLE & STACKABLE STANDALONE POWER SUPPLY
BATTERY RACK & BATTERY PACK
Product Topology
+


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Rated Power
Eﬃciency
Output Voltage
Output Frequency Range
Output Waveform
Output waveform distortion
Nominal Capacity
Max. Charge&Discharge Current
Working Mode
MPPT Tracking Voltage Range
Rated Operating Voltage of PV Array
Max. PV Input Voltage Voc
Max. PV Array Power
MPPT Tracking Channels
Rated Input Grid Voltage
Input Grid Voltage Range
Input Grid Frequency Range
Software System
Screen Type
Screen Size
Communication Mode
Operating Temperature
Storage Temperature 
Noise
Cooling Mode
Allowable Highest Altitude
Ambient Humidity
Protection Level
kW
Vac
Hz
kWh
A
Vdc
Vdc
Vdc
kW
Vac
Vac
Hz
Inch
℃
dB
m
94% (Peak value)
220/230/240 (±2%)
50±0.5
Pure Sine Wave
≤3% (Linear load)
5.12/10.24/15.36/20.48/25.6 (1~5 battery packs)
60 （1 batery pack)/100 (2~5 battery packs)
MPPT
120~450
360
500


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5.12/10.24/15.36/20.48/25.6 (1~5 battery packs)
60 （1 batery pack)/100 (2~5 battery packs)
MPPT
120~450
360
500
220/230/240
170~280 (UPS)/120~280 (INV)
45~55 (50Hz)/55~65 (60Hz)
EMS (Android)
Touch screen
7
RS485+WIFI+RJ45(Supporting Modbus, LoRa/4G/5G module)
-10~50
-15~50
≤55
Air cooling
2000
0%~95% non-condensing
IP21
5
6
1
10
6*2
2
Inverter Output
Battery
PV
AC Input
General
YOUR FLEXIBLE & STACKABLE STANDALONE POWER SUPPLY
BATTERY RACK
Speciﬁcations
Product Name Battery Rack-5kW Battery Rack-10kW


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5.12
60
LFP
48
42~60
100
0 to 40
-10 to 40
-15 to 50
2000
0%~90% non-condensing
RS485
IP54
55±2
540×495×215 （±1.5%）
kWh
A
Vdc
Vdc
Ah
℃
℃
℃
m
kg
mm
Product Name Battery Pack
Nominal Capacity
Max. Charge&Discharge Current
Battery Type
Nominal Voltage
Charge Voltage Range
Single Battery Cell Capacity
Charge Temperature
Discharge Temperature
Storage Temperature
Allowable Highest Altitude
Ambient Humidity
Communication Mode
Protection Level
Weight
Dimensions (L×W×H)
YOUR FLEXIBLE & STACKABLE STANDALONE POWER SUPPLY
BATTERY PACK
Speciﬁcations


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Battery Rated Voltage
Motor
Max Speed
Controller
Dashboard
Headlight
Rear Axle
Suspension System
Safe Belt for Driver
Folding Seat for Load Compartment 
Brake System
Gear System
Load Capacity
Wheelbase
Rear Wheel Track
Load Compartment Size
km/h
kg
mm
mm
mm
48V
1200W (48V/60V, sine wave)
35
24 pipes support one-line connection
LED
LED
160 dual-drive
Front hydraulic suspension and rear spring suspension
Yes
Yes
Drum brake
Gear: Adjustable buttons 1, 2, 3 (no need for two-speed gears); with P gear, forward and 
reverse gears
400
1955
865
1500*1000
Speciﬁcations
YOUR FLEXIBLE & STACKABLE STANDALONE POWER SUPPLY
ELECTRICAL TRICYCLE
Product Name Electrical Tricyle-Hamba


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/Users/olusojiapampa/Library/Mobile Documents/com~apple~CloudDocs/Documents/Proposals/PropCom/PropCom+/propcom-rrca/data/corpus/30_intervention_C_electrical_vehicles_evs/Beyond Cables Swappable Batteries for Affordable Energy Access A Mozambique Case Study under Mission 300 (2) 3.pdf


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PRIVATE: Commercially Sensitive and Proprietary Information, Subject to change without notice. All rights reserved; Mobility for Africa ©2024.
 1
Energy Access Without Cables: 
Swappable Batteries for Rural Africa
Connections. 
Affordable, reliable, theft-resistant power.


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Beyond Cables Swappable Batteries for Affordable Energy Access A Mozambique Case Study under Mission 300 (2) 3.pdf


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PRIVATE: Commercially Sensitive and Proprietary Information, Subject to change without notice. All rights reserved; Mobility for Africa ©2024.
• High Cost of Grid Extension
• Extending electricity grids to rural households typically costs 
$1,000–$1,500 per home, due to poles, cables, and transformers 
(World Bank, Beyond Connections: Energy Access Redefined , 
2015).
• Widespread Infrastructure Theft
• South Africa: Copper cable theft costs R5–7 billion annually, with 
economy-wide impacts of R47 billion per year  (South African 
Government, 2023).
• Zimbabwe: ZESA reports 1,200+ theft/vandalism incidents 
annually, costing US $4 million (The Herald, 2024).
• Mozambique: EDM seized 12 tonnes of stolen copper in 2024, 
disrupting electricity supply to thousands ( AIM News, 2024).


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disrupting electricity supply to thousands ( AIM News, 2024).
• Zambia: Dozens of transformers and distribution cables stolen 
every year, causing rural outages (ZESCO reports, cited in Times of 
Zambia, 2023).
2
The Challenge with Traditional Connections


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Decentralized Power: Central Mini -Grid + 
Portable Swappable Batteries.
What We Offer;
• Centralized renewable charging hubs 
(mini-grid + solar hybrid).
• Portable, movable swappable battery 
packs (5.12 kWh each).
• Dual use:
Household energy access  (Tier 3–4 loads).
Productive use of energy (PUE)  – 
workshops, shops, cold storage, irrigation 
pumps.
• Scalable: Stack/swaps enable Tier 5 
service when required.
3
Challenge Mini-Grid / Grid Extension MFA Swappable Battery Model
Household 
Cost
$1,000–1,500 per household (CAPEX 
for grid extension, poles, transformers, 
cabling)
$800–1,000 per 5.12 kWh pack 
(CAPEX) but households don’t buy —


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for grid extension, poles, transformers, 
cabling)
$800–1,000 per 5.12 kWh pack 
(CAPEX) but households don’t buy — 
instead, they pay per swap/service
Energy 
Service
Fixed supply, availability depends on 
cable reliability
5.12 kWh usable energy daily per 
household (Tier 3–4) Packs can be 
swapped daily
Productive 
Use (PUE) Limited unless mini-grid is oversized Packs can be allocated to shops, 
workshops, irrigation, cold storage
Speed of 
Deployment
Years to build (permits, cabling, theft 
risk)
Deployable in weeks — central 
charging + distributed swaps
Theft & 
Reliability
High theft risk (copper cables, 
transformers)
Low theft risk — no exposed cabling, 
batteries secured at swap hubs
Flexibility & 
Scale Fixed location; costly to extend
Scalable — add more packs or swap


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batteries secured at swap hubs
Flexibility & 
Scale Fixed location; costly to extend
Scalable — add more packs or swap 
cycles; serves both mobility + 
households
Our Solution – Swappable Battery Model
With one infrastructure investment (charging hubs), we serve both household energy access and all forms of PUE achieving Tier 3–4 service at a 
fraction of the cost of traditional mini-grids.
Comparative Advantage


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Tier Peak 
Capacity Energy / Services Availability – 
Hours per Day
Availability – Hours 
per Evening Reliability
Tier 0 – – – – –
Tier 1 Min 3 W Min 12 Wh OR Lighting of 1,000 
lmhr/day Min 4 hrs Min 1 hr –
Tier 2 Min 50 W Min 200 Wh Min 4 hrs Min 2 hrs –
Tier 3 Min 200 W
Min 1.0 kWh Electrical lighting, air 
circulation, TV, phone charging 
possible
Min 8 hrs Min 3 hrs –
Tier 4 Min 800 W Min 3.4 kWh Min 16 hrs Min 4 hrs Max 14 disruptions per 
week
Tier 5 Min 2 kW Min 8.2 kWh Min 23 hrs Min 4 hrs Max 3 disruptions/week 
<2 hrs each
4
 Household/Community/ PUE Electricity Access 
The Multi-tier Matrix for Access:


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 5
Rural Africa: Generalization of Rural Village Spaces
 
Mozambique, Zambia & Zimbabwe
Across Mozambique, Zambia, and Zimbabwe, rural villages share common spatial layouts and farming patterns. Homesteads are clustered, with 
nearby fields and gardens for daily access, and larger fields located farther away. Population densities vary, but most households cultivate 
smallholdings (1–5 hectares) under customary or communal tenure systems. Livestock are often kept separately or grazed at a distance, and 
access to water or additional fields may require long travel. These structural similarities highlight the dispersed, low-density, and resource-


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stretched nature of rural settlements in Southern Africa, underscoring the need for decentralized and flexible energy solutions like swappable 
batteries.
Country
Rural 
Density 
(pers/km²)
Household 
Landholding Tenure System Farming & Field 
Distance
Mozambique Low, 
dispersed
~1.2 ha 
(multiple small 
plots)
Customary, 
communal
Near home; 
livestock often 
grazed far, long 
water trips
Zambia ~17–25 
(example) ≤5 ha
Customary, 
some formal 
leases
Fields near 
homestead; 
livestock for 
draught
Zimbabwe
0–60 
(typically 
~21–40)
~2.5 ha 
(communal), 
~5 ha 
resettlement
Communal + 
resettlement + 
commercial
Smallholder fields 
near home; larger 
plots farther, 
livestock grazing 
separately


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Typical loads per tier
What we can offer                         
   5.12 kWh battery (Swappable Energy)
Tier Basic Loads (Essentials) Comfort Loads (Higher services) Availability – Hours 
per Day
Availability – Hours per 
Evening
Tier 0
Tier 1 1–2 LED bulbs (1–3 W) Phone charging – <24 hours  of operation (70) days 
Tier 2 3–4 LED bulbs Radio Phone charging Small DC fan 12” TV <24 hours  of operation (4) days 
Tier 3 5–6 LED bulbs Larger TV (50–100 W) 1–2 
fans Phone + laptop charging
Multiple fans Router/WiFi Sewing machine/small 
appliance 24 hours  of operation (1) days
Tier 4 Lighting (whole house) TV Fans Phone & 
laptop charging


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appliance 24 hours  of operation (1) days
Tier 4 Lighting (whole house) TV Fans Phone & 
laptop charging
Refrigerator Kettle or iron occasionally 
Blender/sewing machine Small home business 
tools
(doesn't qualify) 6 hrs operation
Tier 5 Full household lighting TV Fans Phone + 
laptop
Refrigerator + freezer Washing machine 
Kettle/iron daily Rice cooker, grinder, pump, 
workshop tools
doesn’t qualify 2.5 hours operation 
6
Where Our 5.12 kWh Swappable  Battery Fits in the Multi-Tier Framework
Where we fit in in the MTF !
•The Multi-Tier Framework (MTF)  defines energy access from Tier 0 (no access) to Tier 5 (full modern energy) .
•Our portable, swappable 5.12 kWh battery packs  deliver Tier 3–4 services, covering household and small business needs.


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•With daily swaps, households can achieve continuous Tier 4 access , avoiding the cost and risks of grid extension.


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 7
Our Comparative Costing 
Assumptions  :  Pack: 5.12 kWh (≈ 51.2 V × 100 Ah)/ Charging losses (charger + battery): ~15% → input ≈ 5.8 
kWh to fully charge one pack./ Delivered AC from pack after inverter losses (~8%): ~4.7 kWh to the home.
Charging Source Energy Cost 
Assumption
Energy Needed to 
Fill (kWh)
Cost to Fill 
(USD)
Your Cost per Delivered 
kWh (USD/kWh) Source / Reference
Mozambique Grid $0.127/kWh ~5.69 $0.72 $0.157/kWh
Mozambique residential tariff ≈ 
$0.127/kWh (Dec 2024) 【source: EDM 
tariff reports】
Diesel Generator $0.388/kWh (fuel + 
O&M) ~5.69 $2.20 $0.48/kWh
Diesel ≈ $1.25/L (Aug 2025) 【source:


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tariff reports】
Diesel Generator $0.388/kWh (fuel + 
O&M) ~5.69 $2.20 $0.48/kWh
Diesel ≈ $1.25/L (Aug 2025) 【source: 
Mozambique fuel regulator】, SFC 0.27 
L/kWh, O&M $0.05/kWh
Solar PV (direct) $0.074–0.089/kWh ~5.69 $0.42–0.51 $0.09–0.11/kWh
PV yield ~1642 kWh/kWp/yr (Moz), 
capex $1000–1200/kWp, WACC 8%, 
lifetime 20y 【World Bank / IRENA 
LCOE data】
Solar PV + 
Storage $0.157–0.213/kWh ~5.69 $0.89–1.21 $0.19–0.26/kWh
Above PV + stationary storage LCOS 
~$192–300/kWh, ~2920 cycles, 90% 
RTE 【IRENA Battery Storage Cost 
Outlook】
Mozambique – Cost to Fill One 5.12 kWh Swappable Battery


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Actors
EV Suppliers
Charging Infrastructure Suppliers
Financial institutions
Enterprises (entrepreneurs, cooperatives)Agribusinesses (with secure premises)
Farmers (small volume high value perishable products)Maintenance engineers
Government 
Gender Relevance
Climate Relevance
Nutrition Relevance
Poverty Relevance
Conflict Relevance
Type Probablity
Incentives
Propcom+ is piloting electric vehicles (EVs), including cargo e-tricycles and trucks, to improve the transportation of agricultural produce from rural areas to urban markets. This model focuses on sustainability but requires significant investment and private sector involvement.


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Unlike other EV projects in Nigeria, Propcom+ will explore cargo-focused EVs, including refrigerated e-trucks for perishable goods, combining electric mobility with renewable-powered refrigeration.
The project will begin with research on EV adoption in other countries, examining costs, road suitability, and charging infrastructure. An action research phase will follow, testing different EV types before a full pilot is launched.
(i) Systemic Change Expected
The Intervention or Business Model Description
(i) The Problem
The 2023 removal of Nigeria’s fuel subsidy led to a more than 300% fuel price increase, making transportation unaffordable for smallholder farmers. This limits their ability to market produce and access inputs, worsening financial insecurity.


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High transport costs force farmers to sell at farmgate prices, reducing their income and mobility. Vulnerable groups, especially women, are hit hardest, deepening poverty and food insecurity in rural areas.
While electric vehicles (EVs) could help, Nigeria’s nascent EV market faces high costs and limited infrastructure, hindering adoption and leaving farmers without affordable transport options.
Page 2: Intervention Overview
Provides increased transport  access for women in rural  areas, especially for traders to move their goods to market.
Increases productivity by reducing the time and effort  required for farmers to transport  their produce, thereby reducing losses and wastages helping  farmers increase their  efficiency and profit.
Not yet.


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Not yet.
1. Generate zero emissions  during operation2. Reduce energy  consumption3. Promote renewable energy  use4. Decrease  dependence on  fossil fuels
Can be used to facilitate Just-in- time delivery of vegetables,  nutritious foods and other  perishables, which can increase the consumption of fresh/better quality vegetables and enable  farmers to derive the nutritional  benefits.
Intervention Relevance to programme impact areas
Expand distribution channel, promote brand, and capture the EV market in northern Nigeria.
Finance asset acquisition and get returns via interests.
Access productive assets for income generation.
Affordable transportation option.Access the services of the Evs
Housing the charging stations. Clients of vehicle operators
Background


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Housing the charging stations. Clients of vehicle operators
Background
1. Improved agricultural logistics2. Lower transportation costs3. Development of renewable energy solutions4. Expansion of rural transportation solutions5. Increased involvement of the private sector in the EV space, fostering investments6. Sustainability in transportation
(ii) Market and Governance Failures/Constraints Targeted
Core Transaction:1. Insufficient EVs in the market2. People/users not open minded about EVs3. Lack of charging infrastructure4. Demand for energy sources
Support Functions:1. Poor access to electricity 2. Finance3. Marketing & Awareness4. Availability of spare parts5. Availability of technical service providers/know-how6. High cost of importation


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Governance Limitations:1. Weak human and financial capacity to develop and implement robust EV policies
(iii) Related Interventions
1. Scaling last-mile animal health services and vaccines (P1)2. Scaling rural seeds promoters' model (P1)
(ii) Targeted Actors and Incentives
Roles
Supply of the suitable EVs 
Provide financing/credit
Access the Evs and provide services
Monitor pilot progress Get relevant data to make informed policy decisions.
Supply of the suitable charging infrastructure
Risks Assessment and Mitigation
Mitigation plan
Expand distribution channel, promote brand, and capture the EV market in northern Nigeria.
Transporters first point of contact. 
Provide technical/maintenance services for the EvsService provision for a fee.
Risk Description


