UTokyo IPC announces Investment in Dodai Group, Inc.

UTokyo Innovation Platform Co., Ltd. (Head Office: Bunkyo-ku, Tokyo; President & CEO: Kosuke Ueda; hereinafter "UTokyo IPC"), through the AOI1 Investment Limited Partnership (hereinafter the "AOI1 Fund"), has decided to invest in Dodai Group, Inc. (Headquartered in Delaware, U.S.; Primary operations in Addis Ababa, Ethiopia; CEO: Yuma Sasaki; hereinafter "Dodai"), an electric mobility company.

This investment is made alongside Value Chain Innovation Fund, British International Investment (BII), Nagase & Co., Ltd., Persistent Energy, For Seasons Co., Ltd., CBC Co., Ltd., and ICJ No.2 Fund, among others.

Building Urban Mobility and Logistics Infrastructure through Electric Mobility

Dodai operates with the mission of making urban electric mobility accessible to everyone in Africa, with a primary focus on Ethiopia. The country presents strong growth potential driven by a young population with an average age of approximately 20, as well as rapid urbanization and expansion of e-commerce. In addition, the government's ban on the import of fuel-powered vehicles has created strong structural momentum toward electrification.

Against this backdrop, Dodai has been developing not only electric motorbikes but also battery swapping infrastructure combined with data-driven operations, aiming to establish an integrated urban mobility platform. Through local assembly, deployment, and on-the-ground operations, the company has achieved a leading position in Addis Ababa and continues to expand its operational base.

UTokyo IPC decided to invest in Dodai based on its assessment of (i) the structural market shift driven by regulatory change, (ii) the company's integrated model combining infrastructure and data, and (iii) its early-stage network development and operational execution.

Going forward, UTokyo IPC will support Dodai's expansion of battery swapping networks and user base in Ethiopia, leveraging knowledge including potential collaboration with academia. In the mid- to long-term, UTokyo IPC will support the company's expansion into major African cities.

In the mid- to long-term, UTokyo IPC will also support Dodai's expansion into major cities across Africa.

Comment from Yuma Sasaki, CEO of Dodai Group, Inc.

Ethiopia is undergoing rapid transformation, with regulatory and societal changes reshaping the country at an extraordinary pace. In this dynamic environment, our team has remained fully committed to building the business over the past three years.

At times, it feels like operating in a once-in-a-generation period of transformation, where the rules of the system are being redefined in real time. This creates both a strong sense of urgency and a unique opportunity to build foundational infrastructure for the future.

Our mission is to contribute to this transformation by building the foundations of society through the adoption of electric mobility. We are deeply encouraged to welcome new investors who share this vision and are committed to building alongside us. Their support further strengthens our conviction and the momentum of our team.

Comment from Masafumi Kawai, Partner (CIO), UTokyo IPC

Ethiopia presents a unique and compelling market environment. In an effort to reduce foreign currency outflows, the government has taken the unprecedented step of banning the import of internal combustion engine vehicles, while at the same time benefiting from abundant hydropower resources and some of the lowest electricity costs in the world. These structural factors are accelerating the shift toward electric mobility on a fundamentally economic basis.

With one of the largest and youngest populations in Africa, Ethiopia is experiencing rapid economic growth and transformation, creating both significant opportunities and considerable challenges for businesses operating in the market.

Under the leadership of CEO Yuma Sasaki, Dodai has demonstrated exceptional execution capability, overcoming numerous operational and regulatory hurdles while steadily advancing the development of urban mobility infrastructure centered on electric vehicles.

We strongly believe that Mr. Sasaki represents a new generation of Japanese entrepreneurs building impactful businesses in the Global South, and we are confident in Dodai's continued growth and long-term potential.

About Dodai Group, Inc.

Dodai is an electric mobility company headquartered in Ethiopia, focused on making urban electric mobility accessible to everyone in Africa. The company assembles and deploys electric motorbikes and operates battery swapping infrastructure to power clean, affordable transportation in African cities.

Founded: 2021
Headquarters: 651 N Broad St, Suite 206, Middletown, New Castle, Delaware, U.S.
Primary Operations: Addis Ababa, Ethiopia
CEO: Yuma Sasaki
Website: https://dodaijapan.com/index.html

Contact

UTokyo Innovation Platform Co., Ltd.
7-3-1 Hongo, Bunkyo-ku, Tokyo, Japan
TEL: +81-3-3830-0200
Email: [email protected]
Partner in charge: Masafumi Kawai