Eveready enters EV space with new financing product

Eveready East Africa plant in Nakuru. [File, Standard]

Eveready East Africa is transforming its business model from a traditional battery manufacturer to a key player in the green energy space with a new funding product for electric vehicles (EVs).

Through a partnership with EV Jumla, the transformation is in addition to other major moves as the firm integrates a clean energy platform that delivers solar power, energy storage, clean cooking solutions, and carbon market initiatives into its business model.

The move marks Eveready’s evolution from a traditional battery manufacturer into a key player in Kenya’s fast-growing green energy and e-mobility ecosystem, aligned with national and global sustainability goals. 

“Eveready is reimagining its role in Kenya’s energy future,” said the firm's CEO Sonia Karuma.  “This transformation reflects our commitment to making clean, affordable, and reliable energy accessible, while building a resilient business positioned for long-term growth.”

The new offering targets one of the biggest barriers to EV adoption, high upfront costs, by

providing financing for electric bikes and cars for individuals and fleet operators, flexible repayment structures for taxi drivers, delivery services, and commercial users, and integrated charging solutions linked to renewable energy.

"The initiative comes as demand for clean transport accelerates and financial institutions roll out tailored EV products, positioning Eveready as a catalyst for wider adoption," a statement from the firm reads.

It adds that Eveready’s clean energy expansion builds on its partnership with the Regional Voluntary Carbon Market Company, announced at the voluntary carbon credit auction held in Nairobi in June 2023, the largest of its kind globally.

"The collaboration positions Eveready to develop quality carbon projects that generate verified emissions reductions while unlocking new revenue streams and climate finance," the firm says.