We're thrilled to announce our investment in Zeno, a company set to transform two-wheel transportation in emerging markets with their innovative electric motorcycle ecosystem.
The global landscape of personal transportation is on the cusp of a massive shift. 600 million petrol-powered motorcycles and mopeds are currently on roads worldwide, with projections showing this number could reach 2 billion by 2040. 60-80% of these vehicles are 100-200cc commuter motorcycles, popular in emerging markets. India alone has 200 million motorcycles, while East Africa is experiencing the world's fastest growth in motorcycle adoption. Despite this huge market, there's a glaring gap: no compelling electric options exist for the dominant 100-200cc commuter motorcycle segment.
Commercial motorbike taxi drivers, particularly in Africa, present a unique and promising market for electric vehicle adoption. The average African boda boda driver covers enough miles annually to circle the globe. These drivers spend as much on fuel as an American commuter, despite having just 1/20th of the purchasing power. Switching to electric can reduce their fuel costs by 50-75%, with Indian commercial drivers seeing 25-50% savings.
Zeno isn't just building an electric motorcycle; they're creating a comprehensive ecosystem. This includes a purpose-built 100-200cc equivalent electric motorbike designed to compete directly with popular commuter motorcycles, a multimodal charging ecosystem encompassing battery swapping, public fast charging, and at-home slow charging, and an innovative business model offering motorcycles with a battery-as-a-service subscription, making adoption more accessible and affordable. Zeno aims to transform customers' relationship with energy, envisioning their batteries powering homes, businesses, and even supporting the grid in the future.
Zeno has assembled an impressive team of industry veterans, including Michael Spencer (CEO and Founder), an ex-Tesla leadership team member with 15 years of experience building businesses in East Africa; Rob Newberry (VP of Software), a former senior engineering leader at Apple and Nest; Swaroop Bhushan (VP of Engineering), a powertrain software expert with experience at Lucid and Harley Davidson's LiveWire; and Alastair Sussock, who built Uganda's largest boda ride-hailing app, SafeBoda, growing it from seed to Series C.
We're excited about Zeno for several key reasons:
- Massive Untapped Market: Zeno is targeting a huge, underserved segment in rapidly growing emerging markets.
- Perfect Product-Market Fit: Their solution directly addresses the needs of commercial drivers, who stand to benefit significantly from electrification.
- Comprehensive Ecosystem Approach: By tackling both the vehicle and charging infrastructure, Zeno is creating a complete solution for users.
- Innovative Business Model: The battery-as-a-service model lowers barriers to adoption and creates recurring revenue streams.
- Exceptional Team: The founders and key executives bring together the perfect blend of EV expertise, software prowess, and emerging market experience.
- Long-Term Vision: Zeno's ambition to transform energy use goes beyond just transportation, opening up exciting future possibilities.
We believe Zeno is poised to lead the electric revolution in two-wheel transportation across emerging markets. By providing an affordable, reliable, and eco-friendly alternative to petrol-powered motorcycles, Zeno has the potential to transform millions of lives while significantly reducing carbon emissions.
We're excited to partner with Michael, Rob, Swaroop, Alastair, and the entire Zeno team on this journey to electrify the world's fastest-growing vehicle segment. As emerging markets continue to develop and urbanize, Zeno is well-positioned to become a cornerstone of sustainable transportation infrastructure.
If you're interested in learning more about Zeno's mission to electrify two-wheel transportation in emerging markets, visit zeno.earth.