The LEAP Fund has chosen three projects in Africa and four in Latin America that focus on e-mobility to fund. These selected initiatives will receive funding grants totaling a significant amount of US $1.05 million.
The primary objective of the fund is to offer support to organizations situated in emerging economies. These organizations actively dedicate themselves to enhancing access to clean transportation options.
In 2022, Drive Electric created the LEAP Fund to promote low-carbon practices and reduce fossil-fuel vehicle dependency globally.
Recently, Drive Electric, announced that it had expanded the LEAP Fund by an additional $1.05 million in grants.
Drive Electric unveiled, “From an initial one-year investment of $1 million, the fund has now grown to amass more than $3 million in commitments spanning 2022 to 2024. This second round of the LEAP Fund has resulted in the allocation of funds to seven deserving organizations.”
Rebecca Fisher, Director of the Drive Electric Campaign, commented, “In numerous emerging markets, we observe commendable leadership in the realm of electric vehicle innovation, vision, and dedication. We firmly believe that through philanthropic investment, it is possible to foster governmental determination, attract public and private financial resources to the sector, and bolster environmentally friendly industrial progress. This realignment of the market towards clean transportation on an accelerated trajectory is essential to meet global climate aspirations.”
Drive Electric emphasized in a statement that while electric vehicle sales are soaring in China, Europe, and the U.S., the anticipated population growth is concentrated in other regions, particularly Africa, Latin America, and Southeast Asia. The statement emphasized, “This is a pivotal juncture to invest in communities that are poised to initiate the EV transition and reap the rewards of sustainable transportation.”
The 2023 LEAP Fund grants have been conferred to several African organizations. Recipients: Clean Air Africa accelerates e-mobility in East Africa; Electric Mission shares zero-emission vehicle knowledge in South Africa; Zambian Electric Mobility Innovation Alliance promotes emission-free transport in Zambia.
Expressing gratitude, Hiten Parmar, Executive Director of South Africa’s Electric Mission, remarked, “As esteemed subject matter experts in the realm of electric mobility, we are deeply honored to receive the endorsement of the global Drive Electric Campaign’s LEAP Fund. This endorsement will drive the advancement of electric mobility not only in South Africa but also across the African continent.”