Grace Ashiru
LEAP Fund has identified three e-mobility projects in Africa and another four in Latin America for investment. These handpicked projects are set to benefit from a combined funding of U.S. $1.05 million.
The fund’s core mission is to extend support to entities based in developing economies. These entities are fervently working towards broadening the availability of eco-friendly transportation alternatives.
In 2022, the inception of the LEAP Fund by Drive Electric was aimed at championing low-carbon solutions and diminishing the global reliance on vehicles powered by fossil fuels.
In a recent announcement, Drive Electric revealed an augmentation of the LEAP Fund by an added $1.05 million in grant allocations.
Drive Electric further disclosed, “Starting with an initial investment of $1 million for a year, the fund’s portfolio has now burgeoned to exceed $3 million, spanning from 2022 to 2024. This second phase of the LEAP Fund has led to the distribution of funds to seven worthy entities.”
Rebecca Fisher, who leads the Drive Electric Campaign, shared her insights, “We’ve witnessed exemplary leadership in emerging markets, particularly in the sphere of electric vehicle innovation and commitment. We are convinced that through charitable investments, we can galvanize governmental resolve, draw both public and private sector investments to this domain, and stimulate eco-conscious industrial advancements. Pivoting the market swiftly towards green transportation is crucial to achieve global environmental goals.”
Drive Electric underscored in their communication that even though electric vehicle sales are skyrocketing in regions like China, Europe, and the U.S., expected population growth is more pronounced in other areas, notably Africa, Latin America, and Southeast Asia. The communication stressed, “Now is the opportune moment to invest in communities that stand at the cusp of the E.V. revolution, ready to harness the benefits of sustainable transit.”
The 2023 LEAP Fund grants have been awarded to various African entities. Among the beneficiaries are Clean Air Africa, propelling e-mobility in East Africa; Electric Mission, disseminating knowledge on zero-emission vehicles in South Africa; and the Zambian Electric Mobility Innovation Alliance, advocating for pollution-free transportation in Zambia.
Expressing his appreciation, Hiten Parmar, who helms South Africa’s Electric Mission, stated, “Being recognized as experts in electric mobility, we are profoundly honored by the endorsement from the global Drive Electric Campaign’s LEAP Fund. This recognition will catalyze the progression of electric mobility not just in South Africa, but throughout the African landscape.”
