ElectriFI strengthens partnership with GOGO Electric
Brussels, Belgium – 19 February 2026 – ElectriFI, the EU-funded Electrification Financing Initiative managed by EDFI Management Company (EDFI MC), approved a USD 1 million term loan to Bodawerk, trading as GOGO Electric, Uganda’s leading e-mobility company. This second ElectriFI investment in the company brings total commitments to USD 2.6 million, reinforcing joint ambitions to decarbonise transport and create quality jobs in East Africa.
This new financing follows ElectriFI’s initial USD 1.6 million investment in GOGO Electric, which supported the company’s first wave of expansion in electric motorcycles and battery-swapping infrastructure across Uganda. With a growing network of battery swap locations and an expanding base of electric motorcycle riders, the follow-on investment signals continued confidence in GOGO Electric’s model and its capacity to scale commercially while delivering strong development impact.
“Deepening the partnership with GOGO Electric fits squarely with ElectriFI’s mandate to back early-stage innovators that can transform access to clean energy and green transport,” said Rodrigo Madrazo Garcia de Lomana, CEO of EDFI Management Company. “By supporting local battery assembly and an affordable pay-per-use model for riders, this second investment helps unlock cleaner air, better livelihoods and new skilled jobs in Uganda’s mobility sector”.
GOGO Electric, formerly Bodawerk, has rapidly become a reference player in Uganda’s green transport ecosystem, operating across core segments of the e-mobility value chain covering local battery manufacturing, motorcycle assembly, battery swap infrastructure operations, rider services, industry skills training and certification. By focusing on boda boda (motorcycle taxi) riders, the company targets one of the most emissions-intensive and socially important transport segments in the country.
“This additional investment from ElectriFI helps us assemble more batteries here in Uganda and strengthen our swap network,” said Jakob Hornbach, CEO of GOGO Electric. “That means thousands more riders can always find a fully charged battery when they need one”.
The USD 1 million term loan approved under ElectriFI’s Global Facility will enable GOGO Electric to source additional battery components and scale the assembly of batteries in Uganda. These batteries will be deployed through the company’s growing network of battery swapping stations, improving reliability and affordability for riders while reducing dependence on imported fossil fuels.
GOGO Electric’s “battery-as-a-service” model lowers the upfront cost of switching from fuel to electric motorcycles and removes range anxiety for drivers who can swap batteries quickly at strategically located stations. This approach helps increase drivers’ net income by reducing fuel and maintenance costs while simultaneously cutting CO₂ and local air pollutants in dense urban areas.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager that designs and manages innovative development finance facilities on behalf of European development finance institutions, development banks and institutional investors. EDFI MC focuses on business models, technologies and geographies where private capital is scarce, with a mission to unlock transformative investments that advance the green and just transition in emerging and developing economies.
About ElectriFI
The Electrification Financing Initiative – ElectriFI is an impact-first investment facility funded by the European Union and other donors and managed by EDFI Management Company. ElectriFI invests in early-stage private companies and projects that increase or improve access to affordable, reliable and sustainable energy in developing countries, with a particular focus on underserved populations and frontier markets.
About GOGO Electric
GOGO Electric (formerly Bodawerk) is an innovative Ugandan e-mobility company that locally assembles batteries and electric motorcycles and operates a nationwide network of battery swapping stations. The company focuses on serving motorcycle taxi (boda boda) riders, helping them transition from fuel-powered to electric motorcycles through an affordable energy-as-a-service model.
With operations spanning battery production, vehicle assembly and after-sales services, GOGO Electric is creating green jobs, building technical skills and supporting Uganda’s broader energy transition. For more information, visit: https://gogo.co.com/.
