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.
In 2022, Drive Electric created the LEAP Fund to promote low-carbon practices and reduce fossil-fuel vehicle dependency globally. 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.”
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.
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