Drive Electric, a multinational philanthropic campaign, has announced that $1.05 million in grants will be given to seven electric mobility projects in Africa and Latin America. This is part of growing efforts to advance the adoption of electric mobility solutions in the above markets. Drive Electric will do this through an initiative called the LEAP Fund (Leapfrogging to E-mobility Acceleration Partnership).
In a statement released to Technext, Drive Electric said it established the LEAP Fund in 2022. According to the group, the motive was “to support low-carbon transitions and avoid the lock-in of fossil-fueled vehicles by investing in electric transportation technology ‘leapfrogging’.” In 2022, it chose ten electric mobility initiatives across Africa, South America and Southeast Asia.
Rebecca Fisher, the director of the Drive Electric Campaign, commented on the new wave of investment in electric mobility. “We see notable leadership in EV innovation, vision, and motivation in many emerging markets. We believe that philanthropic investment can help build political will, drive public and private finance to the sector, and support green industrial development by shifting the market toward clean transportation on an accelerated timeline to meet global climate goals,” she said.
The seven electric mobility projects are in Brazil, Colombia, Costa Rica, South Africa, Uganda, Zambia, and across Latin America. They are Clean Air Africa, Costa Rican Association of Electric Mobility (ASOMOVE), Corporación para el Desarrollo de Políticas Energéticas para las Transiciones Justas, Latin American Association for Sustainable Mobility (ALAMOS), The Electric Mission, World Resources Institute (WRI) Brazil, and Zambian Electric Mobility Innovation Alliance (ZEMIA).
The Leap Fund’s zeal to support projects across the above regions stems from the growing trend of EVs. As it gradually moves away from being viewed as a niche field, the sector becomes more and more attractive to investors and potential adopters of EVs.
Read also: BasiGo is looking to solve Rwanda’s public transport problems with supply of 200 electric buses
Demand for electric mobility is growing
As of May 2023, the Tesla Model Y emerged as the best-selling car of all time. What is most interesting about this feat is that it surpassed the Toyota Corolla, a popular gasoline vehicle. Even though the Model Y (starting at $47,490) costs more than the Corolla (2023 model starts at $21,550), its features appear irresistible to buyers.
It is worth noting that high EV sales have diverse benefits. Aside from making manufacturers rich, increased adoption of electric vehicles is a must if the world must reduce its carbon emissions and transition to renewable energy.
The press statement noted that while EV sales are growing in major markets like the United States and China, Drive Electric believes markets like Africa, Latin America, and Southeast Asia will witness a boom in demand. “Now is a critical moment to invest in communities who are ready to jumpstart the EV transition and experience the benefits of clean transportation,” the statement added.
Commenting on the grant, Silvia Rojas, the Executive Director of ASOMOVE revealed that EVs account for 13% of new vehicle sales. This affirms that demand in that region is increasing. Rojas further stated that the funding from Drive Electric will help ASOMOVE “open up new policy pathways to accelerate e-mobility across fleets like taxis and medium- and heavy-duty vehicles.”
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