LEAP Fund puts $1M into African, Latin America e-mobility projects
The LEAP Fund has selected three African and four Latin American e-mobility projects, to which it will provide funding grants totaling $1.05 million.
The fund assists organisations based in emerging economies that are working to improve access to clean transport.
The LEAP Fund, backed by Drive Electric, was founded in 2022 to encourage low-carbon transitions and minimise fossil-fuel vehicle lock-in.
Drive Electric, a global philanthropic campaign driving the transition to a clean transport future, announced yesterday that the LEAP Fund has been expanded by $1.05 million in grants to support initiatives in Africa and Latin America.
It said: “Drive Electric has expanded the fund from an initial one-year investment of $1 million to a total of more than $3 million in commitments from 2022-2024. Seven organisations have been awarded funding as part of this second round of the LEAP Fund. The LEAP Fund is currently accepting applications for a third phase to continue supporting the field.”
“We see notable leadership in EV (electric vehicle) innovation, vision, and motivation in many emerging markets,” said Rebecca Fisher, director of the Drive Electric Campaign. “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.”
In a statement, Drive Electric said EV sales are growing rapidly in China, Europe, and the U.S., but that projected population growth is in other markets, notably in Africa, Latin America, and Southeast Asia. It said: “Now is a critical moment to invest in communities who are ready to jumpstart the EV transition and experience the benefits of clean transportation.”
African recipients of the 2023 LEAP Fund grants are: Clean Air Africa, which is focused on accelerating infrastructure and ecosystem development for e-mobility in East Africa; the Electric Mission, whose aim is the creation of a central knowledge sharing hub around zero-emission vehicles, for South African business leaders and civil society; and the Zambian Electric Mobility Innovation Alliance, which is hoping to accelerate zero-emission public transportation in the country.
The Electric Mission’s Hiten Parmar said: “Shifting to electric vehicles aligns with South Africa’s National Green Transport Strategy, and presents an economic opportunity for the automotive sector. With support from the LEAP Fund, we aim to expand wider collaborations for the e-mobility ecosystem here, which will be influential to supporting the ambition for zero-emission transportation.”