Wahu! Mobility launches Ghana’s first electronic vehicle plant

February 2024

	Altree Capital is proud to announce that Wahu! Mobility, one of its portfolio companies, has inaugurated its electric vehicle plant, the first in Ghana. This state-of-the-art facility boasts a monthly production capacity of approximately 200 e-bikes, aligning with the country’s long-term commitment to e-mobility production and climate change mitigation.
		Valerie Labi, Founder & CEO

Altree Capital is proud to announce that Wahu! Mobility, one of its portfolio companies, has inaugurated its electric vehicle plant, the first in Ghana. This state-of-the-art facility boasts a monthly production capacity of approximately 200 e-bikes, aligning with the country’s long-term commitment to e-mobility production and climate change mitigation.

Wahu! Mobility is on a mission to revolutionise urban transportation with sustainable mobility solutions, contributing to the global emphasis on eco-conscious living. Valerie Labi, co-founder and CEO of Wahu! Mobility expressed the brand's dedication to designing locally manufactured electric vehicles not only for Ghana but for the African continent.

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Wahu!'s focus begins with the two-wheel electric bike, with plans for scaling up to various electric vehicles directly from the factory in Accra. Valerie sees Africa seizing the opportunity to leapfrog the rest of the world in e-mobility, similar to the success achieved in mobile money. To facilitate this, she emphasises the need for designated e-zones and enclaves in urban centres, supported by incentives and tax benefits conducive to innovation.

Valerie emphasised Wahu!'s commitment to creating an African legacy by locally manufacturing globally standardised electric vehicles for both local and international markets. She highlighted the importance of affordability in encouraging a seamless transition to electric vehicles, aligning with the company’s passion for making sustainable mobility accessible to all. Job creation for young people is an important aspect of Wahu!'s efforts, positioning Ghana at the forefront of African e-mobility and sustainability. Valerie foresees Ghana's success becoming a blueprint for other African countries.

Yaw Amoateng Afriyie, Deputy CEO of the Ghana Investment Promotion Centre (GIPC), applauded the factory's inauguration for bolstering Ghana's standing as an automobile hub in West Africa. During the event, he characterised it as a pivotal milestone in in the country’s evolving electric vehicle sector, underscoring the company’s strategic initiation to leverage the opportunity amid the increasing shift to electric vehicles. The GIPC, reaffirming its unwavering support, expressed commitment to Wahu!'s ambition of challenging traditional combustion engines and fostering sustainable green investments in the nation. Furthermore, the GIPC pledged sustained collaboration with companies like Wahu!, aiming to attract both domestic and international investments to Ghana.

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The Wahu! Bike is designed for sustainable and affordable urban mobility and features advanced attributes such as a dual-swappable battery, tracking device, battery management system and a smart lock controlled via a mobile app. With a range of approx. 140kms, it caters to personal transport and the flourishing last mile delivery market.

Wahu! Mobility's mission is to spearhead the transition to sustainable mobility in Africa, providing locally manufactured electric vehicles that are accessible and affordable. The company aims to create a network of drivers and riders contributing to a greener and more efficient urban transportation landscape.

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In a call to action, Val, urged the local government to reduce taxes on imported raw materials, emphasising the importance of prioritising affordability to expedite the continent's transition to electric mobility. Altree Capital is thrilled to be part of this transformative initiative, supporting Wahu! Mobility in its mission to shape the future of sustainable urban transportation in Africa.

"As we continue to embark on this groundbreaking journey with Wahu! Mobility, we are not only investing in sustainable mobility but also endorsing a vision that transcends borders. Wahu!'s commitment to locally manufacturing globally standardized electric vehicles aligns seamlessly with our enduring dedication to fostering e-mobility, combating climate change and supporting women-led businesses. We're excited to be part of their innovative strides, and together, we're driving towards a future where sustainable urban transportation is not just a good idea but a reality". Altree Capital would also like to recognise its partnership with the U.S Government’s Prosper Africa initiative which has been a catalyst in realising the Wahu! Mobility investment.