Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Torchmobility is a Nigerian startup offering a revolutionary solution to transportation: eco-friendly electric tricycles with integrated tech for a cleaner, more affordable Nigeria.

01.01 Describe your startup in more detail

Torchmobility Ltd is a start up company operating with a Mobility-as-a Service Business model. The sole purpose of the company is to create a positive impact in the Nigerian transportation system through the use of electric three wheelers integrated GPS tracking and surveillance as well as an automated payment system which encourages the Central Bank of Nigeria's policy to move to a cashless economy. Torchmobility Ltd understands the cost of making the switch to EV is quite high thus introducing the electric tricycles in the public transportation system could be seen as one of the first actionable steps in achieving the Energy Transition Plan. The dependency of fossil fuels in the Nigerian transportation system needs to be reduced. As a renewable energy technology company, our energy technologies provide net-zero carbon emissions making our business aligned with the United Nations Sustainable Development Goals (SDGs).

01.02 What is the main problem you are trying to solve?

Torchmobility is addressing the problem of Eco-friendly transportation in Nigeria. Vehicles emitted 1.49 trillion tons of CO2 between 2000-2016. Business-as-usual scenarios predict a rise of 50% by 2035 and a doubling by 2050. The situation got worse with the removal of fuel subsidy in Nigeria making it more difficult for drivers to break even in their commercial transport businesses. In addition to the hike in fuel prices, the inflation rate as compared to the previous year is at 26.31% according to Statista making the maintenance cost of vehicles soar. These costs have impacted greatly on Nigerians and has made transportation not affordable to the masses. Lastly, with the increasing insecurity rate in Nigeria, most tricycles used to commit heinous crimes dissappear due to their lack of embedded tracking system.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Torchmobility is an all-in-one solution that addresses key pain-points around, high cost of operation, environmental pollution, inflexible payment options, security among others. With our electric tricycle, Drivers can enjoy cost-savings on petrol purchase and lower maintenance due to an efficient electric motor. It's Integrated GPS tracking surveillance systems provides real time data on trips, whilst ensuring passenger and rider safety. Commuter can enjoy cashless rides through an integrated digital payment system. In conclusion, with its electric motor, our solution reduces the noise pollution caused by engine sounds and reduced the amount of Co2 contributed yearly to the Nigerian environment.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Torchmobility's electric tricycles target two primary beneficiaries. First, there are tricycle drivers in Nigeria. Our electric vehicles offer them a chance to reduce operational costs through lower fuel and maintenance expenses. This can significantly improve their income and economic mobility. Secondly, everyday Nigerians who rely on tricycles for transportation benefit from Torchmobility. Our affordable electric tricycles provide a cleaner and more reliable mode of transport, making it easier and healthier for them to navigate cities and access essential services.

01.05 When was your company established?

2023-01-16

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Claire Xiong is Torchmark Group's Co founder. She's leads the Torchmobility procurement processes from our OEM at Huaihai Holding Group. Mr Owen Taro is the Founder of Torchmark Group. He's passionate about empowering communities and institutions and people to adopt clean energies. He's keen about sustainability, energy, decarbonisation and smart city development.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://thetorchmarkgroup.com/ also see https://drive.google.com/drive/folders/1RcuHXXVlZeyZvffjQ2sGPF3FGvuEN-Ks

01.11 Which industry best describes your project?

a) Energy (equipment, services, sustainable energy and fuel)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Torchmobility initiative directly contributes to the United Nations Sustainable Development Goal (SDG) of No Poverty by providing sustainable employment opportunities and reducing operational costs for tricycle drivers. By transitioning from fuel-dependent vehicles to electric tricycles, drivers are able to save on fuel and maintenance costs, which translates to higher take-home earnings. This increase in income is crucial for lifting individuals out of poverty and improving their standard of living. Furthermore, the creation of jobs in the assembly, maintenance, and operation of electric tricycles contributes to economic growth and poverty alleviation within the community. In Addition, automated payment system, supports the Central Bank of Nigeria’s policy to move towards a cashless economy. This modernization of the transportation system not only enhances efficiency but also promotes financial inclusion, allowing more individuals to participate in the formal economy.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Torchmobility's commitment to the Zero Hungergoal is embodied in its efforts to create a more efficient and sustainable transportation system. By reducing the operational costs for tricycle drivers through the use of electric vehicles, we not only increases the drivers' income but also contribute to a more affordable transportation system. This, in turn, facilitates better access to markets and food supplies, especially in urban areas where the transportation of goods can be a significant barrier to food security. The increased income and reduced expenses for drivers mean more resources can be allocated to nutrition and food, directly supporting the fight against hunger. Moreover, the company's alignment with the Central Bank of Nigeria's cashless policy promotes economic stability and growth, which are essential components in the broader strategy to eradicate hunger and ensure access to nutritious food for all.

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

Our electric tricycles contributes significantly to the Good Health and Well-being goal of the SDGs by addressing environmental determinants of health. The transition from petrol-powered tricycles to electric ones reduces air pollution, a major cause of respiratory diseases. Cleaner air leads to better health outcomes for the community, particularly in densely populated urban areas where traffic emissions are a concern. Additionally, the quiet nature of electric tricycles contributes to mental well-being by reducing noise pollution, which is linked to stress and cardiovascular issues. By improving the urban environment, Torchmobility is not only advancing sustainable transportation but also fostering a healthier society.

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

Torchmobility's electric tricycle aligns with the Quality Education goal of the SDGs by facilitating access to education. Reliable and affordable transportation is a cornerstone of educational attainment, especially in regions where distance and cost are barriers to attending school. By providing a cost-effective and efficient mode of transport, Torchmobility ensures that students can reach educational institutions safely and on time. This is particularly impactful for girls and young women, who often face greater challenges in accessing education. Additionally, the company's commitment to a cashless payment system supports financial literacy and inclusion, which are integral to quality education. Through these efforts, we are contributing to the creation of an environment where quality education is accessible to all, fostering lifelong learning opportunities.

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

Our mission aligns with the Gender Equality goal of the SDGs by creating an inclusive environment that empowers both women and men in the transportation sector. By providing equal employment opportunities in the driving of electric tricycles, charging stations, operations and maintenance of electric tricycles. We ensure that women have access to stable and sustainable jobs, contributing to their economic independence and empowerment. This approach not only supports women’s participation in the workforce but also challenges traditional gender roles by promoting women’s active involvement in a typically male-dominated field. Through these efforts, we are championing gender equality, creating a more balanced and equitable society.

02.06.01 My startup contributes to the Clean water and sanitation goal

5

02.06.02 Clean water and sanitation - Justification for my startup

Torchmobility's electric tricycle indirectly supports the Clean Water and Sanitation goal of the SDGs by reducing environmental pollution. While our primary focus is on sustainable transportation, the reduction in (pollution Co2 emmision and engine oil spills due to vehicle servicing) from switching to electric tricycles also contributes to less contamination of water resources. Fewer pollutants in the environment mean fewer contaminants in rainwater and runoff, leading to cleaner rivers, lakes, and groundwater. This positive environmental impact helps to ensure the availability and sustainable management of water for communities, aligning with the broader objectives of providing clean water and sanitation for all.

02.07.01 My startup contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification for my startup

This initiative is a beacon for the Affordable and Clean Energy goal of the SDGs. By providing a sustainable transportation alternative, we are directly contributing to the increase of renewable energy in the transportation sector. The electric tricycles are powered by clean energy, reducing reliance on fossil fuels and promoting the use of renewable energy sources. This shift not only makes energy more affordable by cutting fuel costs for drivers but also ensures that the energy used is cleaner and more sustainable. Furthermore, our commitment to expanding our fleet and infrastructure will enhance access to affordable, reliable, sustainable, and modern energy services.

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

This initiative is a driving force for Decent Work and Economic Growth, key components of SDG 8. By providing employment opportunities in the assembly, maintenance, and operation of electric tricycles, is creating jobs that are not only environmentally friendly but also economically beneficial. This initiative promotes sustained, inclusive, and sustainable economic growth by ensuring full and productive employment. It also fosters decent work by offering fair income, security in the workplace, and social protection for families, better prospects for personal development, and social integration.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Our operations is a testament to Industry, Innovation, and Infrastructure, the ninth Sustainable Development Goal (SDG). By introducing electric tricycles with integrated GPS tracking and surveillance, we are promoting sustainable industrialization and fostering innovation within the transportation industry. This aligns with Target 9.5 of SDG 9, which calls for enhancing scientific research and upgrading industrial technologies. The infrastructure developed for our operations at charging stations, maintenance facilities, and the digital payment system, contributes to building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation. These advancements ensure equitable access to sustainable transport solutions and support economic development and human well-being, resonating with Target 9.1 of SDG 9.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Torchmobility's collaboration with Huaihai Holding Group and the integral role of a Chinese female co-founder and procurement lead exemplify the company's commitment to Reduced Inequalities, in line with SDG 10. This international partnership not only bridges the gap between developing and developed nations by facilitating technology transfer and economic cooperation but also showcases gender diversity in leadership roles. The presence of a woman in a key position challenges gender norms and promotes female empowerment in the industry, which is often male-dominated. Furthermore, sourcing from China, a country with vast manufacturing capabilities, allows Torchmobility to leverage competitive pricing and innovation, ensuring that the benefits of sustainable transportation are accessible to a broader demographic. This approach reduces economic disparities by providing affordable electric tricycles, contributing to social equity and fostering inclusive growth.

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

The Sustainable Cities and Communities, of SDG 11 directly meets Torchmobility's objectives. By providing safe, affordable, and sustainable transport systems, Our electric tricycles is helping to transform urban mobility in Nigeria. This initiative promotes inclusive and sustainable urbanization, ensuring that all members of the community, especially those in vulnerable situations, have access to reliable transportation. This is crucial for creating cities that are resilient and equipped to meet the challenges of rapid population growth and climate change. Moreover, our commitment to clean energy aligns with the goal to reduce the environmental impact of cities. The electric tricycles contribute to better air quality and lower greenhouse gas emissions, fostering healthier and more sustainable urban environments.

02.12.01 My startup contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification for my startup

Our solution eats Responsible Consumption and Production of SDG 12 for breakfast. By transitioning to electric tricycles, Torchmobility promotes sustainable consumption patterns, reducing the demand for fossil fuels and minimizing waste associated with vehicle maintenance. This shift to cleaner energy sources and more efficient vehicles exemplifies the goal of doing more with less—increasing mobility while decreasing environmental impact. Moreover, Torchmobility's business model emphasizes circular economy principles by focusing on the longevity and maintenance of the tricycles, ensuring they remain in service longer and contribute to waste reduction.

02.13.01 My startup contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification for my startup

We are keen about Climate Action which directly supporting SDG 13. By replacing traditional petrol-powered tricycles with electric ones, we are reducing greenhouse gas emissions, a critical factor in combating climate change. This transition to electric vehicles is a practical step towards achieving the Paris Agreement's goal of limiting global temperature rise to well below 2 degrees Celsius. The initiative also aligns with the broader efforts needed to accelerate progress on the Sustainable Development Goals, as climate action is recognized as a central element in delivering a stable and secure world to future generations. Moreover, Torchmobility's commitment to sustainable transportation contributes to the reduction of urban air pollution, fostering cleaner cities and healthier communities.

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

7 - Strongly Agree

02.15.02 Life on land - Justification for my startup

Our electric tricycles directly contribute to the UN's "Life on Land" goal. Replacing gasoline-powered models with electric ones significantly reduces air and noise pollution. This cleaner environment benefits wildlife and ecosystems, promoting biodiversity and a healthier habitat for all living things. Additionally, as electric tricycles are quieter, they pose less disturbance to animals, minimizing the disruption of their natural behavior. This two-fold approach of reducing pollution and noise creates a more sustainable and harmonious environment for life on land.

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

7 - Strongly Agree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

Our Management and Operations at Torchmobility's aligns with the Peace, Justice, and Strong Institutions goal of the SDGs by fostering a culture of lawfulness and supporting the establishment of strong institutions. By integrating GPS tracking and surveillance into our tricycles, we improve public safety and security, contributing to peaceful societies. This technology aids in the prevention of crimes and ensures accountability, thereby supporting the rule of law and justice. Additionally, our partnership with Huaihai Holding Group demonstrates a commitment to building effective, accountable, and inclusive institutions. The collaboration between a Nigerian startup and a Chinese manufacturer exemplifies international cooperation and cross-border trade that is fair and equitable. This partnership not only strengthens economic ties but also promotes tolerance and cultural exchange, contributing to the SDG's aim of inclusive societies for sustainable development.

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Torchmobility's strategic partnerships are pivotal in advancing SDG 17: Partnerships for the Goals. Collaborating with the Tricycle Owners Association of Nigeria and Osqaretek demonstrates Torchmobility's commitment to inclusive stakeholder engagement, ensuring that the transition to electric tricycles is a collective effort. These partnerships facilitate knowledge sharing, capacity building, and the mobilization of resources, which are essential for sustainable development. The exploration of partnerships with financial institutions for digital payment services aligns with the goal of enhancing technological capabilities to support economic growth and sustainability. Similarly, engaging with the Federal Ministry of Transportation, Environment, and the Nigeria Energy Transition Plan underscores Torchmobility's dedication to policy coherence and institutional synergy. These collaborations are not just about shared objectives; they embody the spirit of global partnerships.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

1 - Strongly Disagree

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

7 - Strongly Agree

06.08 Justification for my startup

Torchmobility's electric tricycle solution is a disruptive innovation in several ways: Our electric tricycle represent a new technology that significantly improves upon existing gasoline-powered tricycles. The electric tricycle address the unmet needs for affordable, clean, and sustainable transportation in Nigeria, especially considering the rising fuel costs and pollution concerns. In addition, they are a new take on the traditional tricycle transportation service, offering eco-friendly and efficient benefits. While traditional keke napep exist, Torchmobility's electric version combines new technology with addressing unmet needs, making it a disruptive innovation in the Nigerian transportation landscape.

06.09 Competitive Analysis

While Bajaj and TVS are established players in the tricycle market, Torchmobility offers a distinct advantage: eco-friendly electric tricycles. This positions us strategically for several reasons: 1. A growing number of consumers are prioritizing eco-friendly options. By offering electric tricycles, we cater to this rising demand for sustainable transportation, setting ourselves apart from competitors reliant on fossil fuels. 2. Regulations aimed at reducing emissions are becoming stricter globally. Electric tricycles ensure compliance with these regulations, while gasoline-powered models may face future restrictions. Torchmobility's electric option positions us for long-term success in a market primed for a shift towards clean energy solutions.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?