ROAM JOINS PRESIDENT RUTO ON HISTORIC U.S TOUR, SECURES $10M DFC DEAL

• Roam was invited to join H.E. President William Ruto on his historic 4 days U.S tour.
• The trip marked 60 years of official U.S-Kenya partnership aiming to strengthen diplomatic ties between the two countries.
• Roam’s attendance aimed at attracting international investments into the fast-growing e-mobility sector while advocating for local value creation and job opportunities.
• Roam secured US$10M funding from the US Government's International Development Finance Corporation (DFC) to support Roam in scaling up their local manufacturing and open architecture charging infrastructure.
• President Ruto announced the removal of all taxes for companies manufacturing the first 100,000 electric vehicles locally.

‍

Roam was invited to join H.E. President William Ruto on a historic state visit to the United States — an event not witnessed in 15 years by an African leader and only the third of its kind since Kenya gained independence. The four-day trip aimed at strengthening the diplomatic ties between the two countries. Roam's presence on this highly anticipated tour underscored its role as a leader in Africa's electric mobility sector, aiming to attract international investments. Kenya's support for electric mobility signifies a pivotal moment for Kenya's climate initiatives.

‍

Among the four key missions mentioned by H.E. President Ruto on this tour were reducing climate impact, lowering the cost of living, creating green jobs, and decreasing dependency on foreign imports to lessen the foreign exchange burden. To achieve these goals, President Ruto announced the removal of all taxes for companies manufacturing the first 100,000 electric vehicles locally.

‍

The missions stated by President Ruto fit perfectly with Roam's mission of setting a standard for the industry with its locally manufactured products offering remarkable savings of 40%-85% compared to conventional ICE vehicles. Roam is committed to building zero-emission public transport designed and manufactured in Kenya for Africa. A critical aspect of achieving these goals is prioritizing cleaner manufacturing to create cleaner jobs.

‍

Additionally, Roam secured a $10 million fund from the U.S. Government's International Development Finance Corporation (DFC), as confirmed by DFC CEO Scott Nathan.

‍

“With this week’s announcements, DFC is doubling down on its commitments to Kenya’s development, with investments into energy, e-mobility, and infrastructure. DFC is also expanding its on-the-ground presence by opening an office to help us better pursue opportunities across the region,” said Scott Nathan.

‍

This funding is part of the $24 million Series A funding round Roam secured in 2023, led by Equator Africa, and includes investments from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors.

‍

Meg Whitman, the U.S. Ambassador to Kenya, highlighted in her speech about the unique opportunities within Africa's booming electric mobility sector. She mentioned Roam as a key industry trailblazer, leading Kenya and the broader region towards cleaner automotive manufacturing.

‍

In addition to these significant financial commitments, the U.S. Department of State pledged $100,000 in technical assistance to support Kenya's transition to zero-emission vehicles (ZEVs). The funding will enable Roam to expand its production of locally designed and manufactured electric motorcycles and buses, fueling its mission to revolutionize African transportation with innovative products specifically designed for consumers across the continent.

‍

This funding ascertains Roam's long-standing relationship with the U.S. Government, highlighted by a visit from Linda Thomas-Greenfield, the U.S. Ambassador to the United Nations, to Roam Park in January 2023.

‍

Roam's unwavering commitment to local value addition and advanced manufacturing has earned the company accolades as the most advanced automotive organization by the Kenya Association of Manufacturers. Roam is not merely a company; it is a movement driving sustainable change in the automotive industry, leading Kenya and the broader region into an era of innovation and environmental stewardship.

‍

Rajal Upadhyaya, Chief Financial Officer at Roam, said: "We are honored to be part of this historic state visit, which marks a significant milestone for Kenya’s e-mobility sector. The support from the U.S. Government and our investors underscores the global confidence in our vision for sustainable mobility. This funding will propel us forward in our mission to revolutionize transportation in Africa, creating green jobs and contributing to a cleaner environment."

‍