Mirova invests $10m in Kenyan electric mobility group

Written by Michael Griffiths

18/09/2025

Mirova has announced a $10m commitment in senior secured debt to ARC Ride, an electric mobility company in Kenya.

The transaction marks the first electric vehicles (EV) investment in Sub-Saharan Africa by Mirova’s Gigaton Fund and will support the large-scale deployment of electric two-wheelers and battery-swapping infrastructure.

Paris-headquartered Mirova, an asset manager dedicated to sustainable investment and an affiliate of Natixis Investment Managers, revealed that the facility would fund over 600 battery-swapping cabinets and 25,000 batteries.

Structured as senior secured debt with a five-year tenor, the deal leveraged catalytic capital funding in line with Mirova’s blended finance approach to de-risk private capital.

Deputy head of emerging market energy transition at Mirova, Rim Azirar, commented: “This investment reflects Mirova’s mission to support innovative, high-impact climate solutions in emerging markets. ARC Ride is redefining urban mobility in Africa through a scalable model that reduces emissions and improves livelihoods. We’re proud to support their journey.”

Mirova also said its local presence in the Kenyan capital, Nairobi, was instrumental in sourcing and structuring the deal, enabling close collaboration with ARC Ride and the broader mobility ecosystem in Kenya.

ARC Rides’ electric mobility strategy aligns with two UN Sustainable Development Goals – climate action (SDG 13) and decent work and economic growth (SDG 8) – and each electric motorcycle deployed is estimated to reduce two tonnes of carbon dioxide emissions annually, by replacing internal combustion engine models.

“This partnership with Mirova marks a major milestone in our mission to make electric mobility accessible, affordable, and sustainable across Africa,” added CEO at ARC Ride, Joseph Hurst-Croft. “With Mirova’s support, we’re not only scaling our operations in Kenya, we are laying the groundwork for a cleaner transport future across wider regions in Africa.”

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