We are happy to share this positive progress update from Ehu Motors, supported by their intermediary Renewables In Africa.
Who is Ehu Motors?
Ehu Motors, founded in 2020, has developed electric motorcycles designed for Beninese taxi drivers, who are crucial to the economy but suffer from pollution-related health issues and high running costs. With motorcycle taxi associations expressing interest for over 2,000 preorders, there’s strong demand for these electric motorcycles, but financial assistance is needed to cover the initial cost for drivers.
They raised a loan through LendForGood to support Ehu Motors’ mission to promote sustainable economic and environmental change by providing affordable, eco-friendly transportation. It helps drivers increase their income and reduce pollution, enhancing community health and well-being.
Read more about their original campaign over on their LFG Campaign Page.
What have Ehu Motors been up to?
The team has been very busy! Some key pointers below:
Financial: Ehu Motors have repaid their first instalment to their lenders.
Business: They signed an agreement with a local financial institution to provide lending services to the clients who cannot purchase an electric motorcycle outright. They increased the number of Ehu Motorcycles to 100, evolved their proprietary technology AND rented an additional warehouse and maintenance space for it all.
Social: Ehu Motors have hired 3 additional employees and partners with an NGO to provide first aid training to professional riders.
Ehu Motors were also delighted to be selected to participate in the Investor Readiness program from GetInvest. The Persistent Energy team assigned to them have been great to work with and has helped tremendously to date.
Ehu Motors’ vision for the future
Ehu Motors were recently included in a government program designed to accelerate the growth of companies deemed to be of high potential. The Beninese government will be collaborating with Ehu Motors on various fronts and lenders can look forward to hearing more about that in the next progress update… They are also starting work on their proprietary technology platform which will take some time but it will benefit various stakeholders.
You can keep up with Ehu Motors impactful work over on their social media channels and website linked below!
https://www.ehumotors.bj/
https://www.instagram.com/ehumotors/
https://bj.linkedin.com/company/ehumotors
And to round off, a personal note from Ehu Motors team to their LendForGood lenders
“Thank you for believing in us! The progress we are making is confirmation that you were right to follow your instincts!”
LendForGood is a crowdlending platform and global community of individuals and organisations collaborating to mobilise millions in impact capital for courageous impact enterprises.
Join the LendForGood community today.
