Official Statement:
March 22, 2025, Addis Ababa:
Ethiopian Investment Holdings (EIH) and Dodai Group Inc. signed a Memorandum of Understanding (MoU) on October 21, 2024, with the shared vision of advancing sustainable mobility and fostering employment opportunities in Ethiopia. Following the signing, both parties engaged in discussions to assess the strategic and commercial viability of the initiative.
Upon thorough evaluation, it has been determined that similar investments would be more effectively managed through a dedicated venture capital (VC) fund, which EIH is in the process of establishing. This structure will provide better risk management, targeted investment returns, and enhanced operational support for early-stage ventures. Given these considerations, pursuing the battery-swapping initiative directly through EIH is not deemed feasible at this stage.
Additionally, EIH has reviewed interest from other start-ups in the sector, further reinforcing the need for a broader investment approach that aligns with our long-term strategic goals.
We sincerely appreciate our engagements with Dodai Group Inc. and commend their efforts in advancing sustainable mobility. We wish them continued success in their future endeavors. EIH remains committed to identifying and supporting investment opportunities that drive economic growth and sustainable development in Ethiopia