2023.05
Solarbox Africa Inc, incubated by Wuri Ventures, brings a new approach to electrifying last-mile logistics for Fast Moving Consumer Goods (« FMCG ») and people. Their initial pilot in #Senegal demonstrated the competitiveness in their design, assembly, charge, and battery swapping for electric 3-wheelers. On.Capital is proud to be their first institutional investor to support their go-to-market.
Solarbox serves fleet managers/owners and logistic companies going electric for tricycles that can carry up to 800 kg per load. The company both retrofits existing and manufactures new 3-wheeled vehicles. SolarBox Africa brings direct short-term savings to 3-wheelers operators and drivers – at no upfront cost – to make cities cleaner, smarter, and logistics cheaper!
Prior to expanding to large markets like #Nigeria and #Kenya, Solarbox is looking at capturing a significant market share in Senegal, a market intimately mastered by both Wuri Ventures and On.Capital. The latter is already providing more than capital, by supporting industrialization, software development, and strategic partnerships to launch big markets.
« On.Capital brings more than capital: they are leaders in the renewable energy space in Africa and are laser-focused on electric mobility in particular. They are a great fit for Solarbox at this stage », says Tijan Watt, co-founder of Wuri Ventures and interim CEO of Solarbox.
« We believe there is a big niche market for 3-wheelers to go electric in Africa, as it happened in India and China; Solarbox has a unique solution and stellar team to capture it », says Emmanuel Beau Founder and President of On.Capital.
« Solarbox demonstrated it could bring to market its own bespoke solution that actually comes from the field and users; it is now ready to industrialize, and build strategic partnerships with OEM and suppliers », says Paul-François Cattier, Venture Partner at On.Capital.
#impactinvestment
