INDUSTRY NEWS
EVERLECTRIC SECURES FUNDING TO DRIVE EV ADOPTION IN SOUTH AFRICA
The global electric vehicle( EV) market is experiencing rapid growth, with a 60 % increase in 2022 and continued growth expected in 2023 and 2024. South Africa is also seeing a rise in EV adoption, with NEV sales increasing by 88 % in the third quarter of 2024 compared to the same period in 2023
Everlectric, a Pretoria-based startup, is capitalizing on this trend by providing full maintenance leases of commercial Battery Electric Vehicle( BEV) panel vans to South African businesses, particularly in the logistics sector. The company has secured venture debt funding from the Vumela Fund to support its growth.
The Vumela Fund, established in 2010 by FNB Business Banking and Edge Growth, provides growth capital to black-owned SMEs. The fund’ s Investment Principal, Philippa Lloys Ellis, believes Everlectric has developed an innovative solution to assist South African businesses with their transition to EV fleets, addressing concerns around EV adoption and presenting a significant market opportunity.
Everlectric was founded by Ndia Magadagela, Paul
Plummer, and Wesley van der Walt. The company offers a risk-free and cost-effective route to EV adoption, including leasing of BEV panel vans, access to charging infrastructure, and a smart device platform.
Mike Sage, FNB’ s Investment Capital Head and a Vumela Trustee, expressed excitement about funding Everlectric’ s growth, emphasizing the company’ s pioneering role in transitioning business fleets to EV platforms.
Everlectric’ s service offering includes charging solutions that address fleet range anxiety and charging needs. By investing in electricity instead of fuel, businesses can decouple operational costs from unpredictable fuel price fluctuations. A leading South African multinational retail company is already using Everlectric’ s EVs for customer deliveries, demonstrating the commercial viability of EVs in South Africa.
Everlectric’ s holistic service offering minimizes barriers to EV adoption and paves the way for a seamless EV transition for businesses in South Africa.
aBr WORDS IN ACTION 16 MARCH 2025