Powerhive Partners with 4G Capital to Advance Electric Mobility Agenda

Powerhive CEO Christopher Hornor and Manasse Akhwale, a rider recently financed by 4G Capital

Nairobi, March 26, 2024: Powerhive, a leading provider of renewable energy and electric mobility solutions, has announced its strategic partnership with 4G Capital, a pioneering asset financing company, to accelerate the adoption of electric mobility solutions in Kenya. By combining Powerhive’s expertise in electric mobility with 4G Capital’s innovative financing solutions, the two companies aim to make electric motorcycles more accessible and affordable to underrepresented riders across Kenya.

The partnership between Powerhive and 4G Capital, one of the partners in the Jiinue Growth Program, marks a significant milestone in advancing sustainable urban transport solutions in Kenya. With a core focus on empowering young women and men, the Jiinue Growth Program has reached over 10,000 participants through the provision of financial services and technical assistance in over 20 counties. The majority of the participants are young women and men in retail, trade, manufacturing, creative industries, and food and agriculture, among other sectors.

Powerhive’s electric motorcycle, Spark, is priced at KES 190,000. However, through 4G Capital’s financing program supported under the Jiinue Growth Program (2022 – 2027) in collaboration with the Mastercard Foundation, riders can enjoy a financing option that is significantly more affordable than any other available in the market. By opting for this plan, riders can save as much as KES 80,000 or more throughout the repayment period, rendering electric motorcycles an exceedingly affordable and appealing choice for professional riders.

Additionally, the battery is rented separately, and riders have the convenience of swapping their battery at any one of Powerhive’s swapping stations located at select Rubis, Shell and Lexo stations across Nairobi. It is essential to highlight that this initiative is specifically focused on providing accessible and affordable electric mobility solutions to marginalized youth and female riders, fostering economic empowerment and environmental sustainability within local communities.

“Teaming up with 4G Capital is a game-changer for Powerhive. In an effort to improve access to finance for young people, our financing option, which is five times cheaper than competitors, along with our battery-swapping stations across Nairobi, is truly revolutionizing electric mobility. We’re laser-focused on empowering youth and female riders, with support from the Jiinue Growth Program, ensuring that our journey towards a cleaner future is inclusive and accessible to all,” says Christopher Hornor, CEO of Powerhive.

“We’re thrilled to partner with Powerhive in this groundbreaking endeavour. Together, we’re not just offering financing options, we’re paving the way for a more sustainable future. Our collaboration is about more than just numbers, it’s about empowering communities and driving positive change across Kenya. By supporting initiatives focused on youth and female riders, we’re committed to making a lasting impact,” states Wayne Hennessy-Barrett, the CEO of 4G Capital Ltd.

Through this partnership, Powerhive and 4G Capital will collaborate to expand access to electric motorcycles, improve charging infrastructure, and provide training and support to riders. By leveraging their combined expertise and resources, the two companies aim to catalyze the transition to electric mobility and contribute to a cleaner, greener future for all.

About Powerhive:

Powerhive is a pioneering clean energy company at the forefront of sustainable mobility solutions in Kenya. With a steadfast commitment to innovation and environmental stewardship, Powerhive has been a trailblazer in the realm of mini grids and electric vehicles (EVs). In 2019, Powerhive was the first company to pilot electric motorcycles in Kenya. Building on this landmark initiative, the company has continued to drive forward, currently advancing the third generation of the Spark Electric Motorcycle. The company’s strides in the EV space reflect a vision for a cleaner, greener future while pioneering accessible, efficient, and sustainable mobility solutions for communities in Kenya.

About 4G Capital:

4G Capital is a licensed Digital Credit Provider that grows businesses with working capital loans and enterprise training. It provides the right financial support, enterprise knowledge and digital solutions for growth and for good. 4G Capital is also a consortia member of the Jiinue Growth Program (2022-2027).

About Jiinue Growth Program (2022-2027)

Jiinue Growth Program (JGP) works with financial ecosystem players in Kenya to finance and offer technical support to Micro, Small and Medium-sized Enterprises (MSMEs) to support their resilience and growth. The five-year partnership seeks to provide access to finance to mainly young people and women-led businesses across the 47 counties in Kenya through membership with the program partners. The JGP partnership aligns with and leverages the Mastercard Foundation and the partner’s mutual commitment to support young people and women in tapping into entrepreneurship for economic prosperity and employing others. Priority sectors for the program, which include high participation of young people, are retail and trade, agriculture, manufacturing, and healthcare.

The partnership aims to support businesses in scaling and getting ready to absorb commercial capital working through the fund manager, Grassroots Business Fund, which is responsible for the delivery of the program and is supported by DT Global in program management. Kenya Private Sector Alliance (KEPSA), Kenya National Chamber of Commerce and Industry (KNCCI), and GROOTS Kenya comprise the eco-system partners in the program with a membership database of targeted program participants. Grassroots Business Fund additionally provides access to finance roles in the program, along with 4G Capital and Powered by People, which offer loans and purchase order products.

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