Press Release

Nairobi, Kenya — 25 January 2023 — eWAKA, one of Africa’s most promising
sustainable mobility startups, has received strategic support from the State Secretariat
for Economic Affairs (SECO) Start-up Fund of the Swiss Confederation. SECO Start-up
Fund has offered a 500,000 CHF loan that will support eWAKA’s 2023 plans to
accelerate a growth strategy focused on providing innovative and sustainable mobility
technology in Africa through the local production and promotion of eWAKA’ signature
electronic bike known as the Shujaa.

Given the transportation sector is the second highest contributor to greenhouse gas
emissions, the urban logistics sector in Africa and across the globe urgently needs to
adopt new technologies and business models to fight climate change, which
disproportionately affects African countries. The effects are being felt in major
economic value chains including the agriculture sector, Africa’s largest. By adopting
more cost-effective and environmentally friendly vehicles into transportation fleets,
the logistics sector can play a crucial role in helping Africa tackle climate challenges
while providing significant economic benefits to a number of critical industry sector
value chains.

The growth strategy built on several pilot projects including a Shujaa market
introduction will enable eWAKA to expand to other parts of Kenya and East Africa in
2023. A key element of eWAKA’s growth plans is to secure additional financing
options for independent delivery drivers.

Commenting on eWAKA’s 2023 growth strategy, Celeste Vogel, Co-founder, Chief
Executive Officer & General Counsel of eWAKA said: “eWAKA’s unique value add
proposition is the completeness of the ecosystem we offer in the space of last-mile
transportation. As understanding localized constraints and variables are key to successfully
deploying micro-mobility models and solutions, eWAKA conducted several pilot projects
with target customer segments to further develop our product line. For 2023, eWAKA will
pursue strategic partnerships to expand our customer base by adding greater financing
options and aggressively promoting the Shujaa roll out in Kenya, targeting the B2B sector
as well as independent drivers.”

Susanne Grossmann, the manager of SECO Start-up Fund commented on eWAKA
financing facility: “After a robust selection process, we are pleased to offer eWAKA a loan
for executing their business model in Kenya. We welcome the contribution to local
production in the e-vehicle space and we hope that eWAKA will set a successful example
for efficient, climate friendly traffic systems in African cities that meet the mobility needs of
the continent.”

2022 was a watershed year for eWAKA. Leveraging key customer segment insights
and expanding local production capabilities, eWAKA is poised for growth in 2023 with
a full product line for multiple customer segments offering flexible rental options,
subscription and purchase plans to meet commutes, personal well-being and net-zero
targets.

• eWAKA Shujaa is designed specifically for deliveries. The bike has a front rack that
  can hold 15 kg and a back rack that can take 50 kg, a total load capacity of 65 kg. It
  comes standard with one battery and can be fitted with a second optional battery
  for a total range of up to 120 kilometers. The Shujaa is easy to start using, less
  expensive to access (no need for a driver’s license and easy to manipulate) and
  maintain while offering comparable utility.

•  eWAKA Kickscooters are built for sharing and made of robust and top-range
  materials. On offer is product training, after-sales services for customers and smart
  mobility software to drive efficiency, insights, and uptime of the vehicles. With
  eWAKA’s fleet management platform, live data is collected for fleet owners to
  improve remote management, vehicle tracking, service history and other safety
  controls.

•  eWAKA motorcycles are built for city and rural commutes as well as last-mile
  delivery. The vehicle, its battery-swapping ecosystem as well the retrofit kits for
  converting internal combustion engine motorcycles, are well-tested.
                                                              -ENDS

About eWAKA

eWAKA is spearheading sustainable mobility to enhance Africa’s economic prospects
by harnessing the power of electric vehicles. eWAKA’s services address frustrating and
disruptive mobility experiences by offering a sustainable solution that will increase
connectivity, improve efficiencies, and offer safe, environmentally friendly
transportation. eWAKA offers multiple customer segments electric vehicle mobility
options that decrease pollution such as greenhouse gases, Co2 and noise, while
providing compelling affordability through low electricity prices as compared to fuel,
off grid solar power system solutions and overall low maintenance costs. In 2023,
eWAKA’s strategic development plans include establishing an African production
facility to assemble components of the highest standards provided by international
manufacturing partners.

About SSF

The SECO Start-up Fund (SSF) is a facility for development loans established by the
State Secretariat for Economic Affairs (SECO). SSF offers loans for start-up business
projects of Switzerland domiciled entrepreneurs/enterprises in emerging economies
(economies under development or in transition).

Media Contact

Gilles Ametepe
Djembe Consultants
+233 57 63 13 533
gilles@djembeconsultants.com