In March 2023, U.S.-Kenyan energy developer Powerhive signed an agreement with GreenMax to serve as their exclusive transaction advisor for a $33.5M capital raise to support expansion of Powerhive’s combined E-mobility and C&I solar business in Kenya.

Powerhive, originally founded as a mini grid developer and technology company, builds, owns and operates 21 mini grids in Kisii, Kenya. GreenMax is already supporting the expansion of the Kisii mini grids through CEI Africa. At the Kisii sites, the Powerhive team piloted their “Spark” e-boda motorcycles and battery swapping stations.  (Kenya’s popular motorbike taxis are called “boda bodas”).

Last year, Powerhive launched Spark in Nairobi with an initial 15 e-bodas and four battery swapping stations.  The largest station is located at the Lexo petrol station plaza on Ngong Rd., where Powerhive also installed a solar PV power plant. The solar power plant provides 100% of the petrol station’s electricity requirements under a PPA contract, while also powering the battery swapping facility and an EV charging station.  Lexo receives a revenue share on the battery swapping and EV charging activity.

Powerhive seeks to roll out this unique combined E-mobility – C&I solar infrastructure approach at 40 additional Lexo stations in Nairobi over the next two years, as well as at some petrol stations operated by Vivo-Shell.

The combination of C&I Solar and E-mobility offers an attractive mix of low-risk/high-return activities. Most importantly, in a rising electricity cost environment, the solar powered battery swapping and EV chargers will have a competitive advantage over grid- connected charging.

Prior to the solar installations and financing in 2024, to hasten expansion of the Spark e-bodas and battery swapping stations, an interim $3.5M raise will support Powerhive to fit the Lexo and Vivo petrol stations with interim grid-connected chargers later this year.