A promising partnership between Ethiopian Investment Holdings (EIH) and Dodai Group Inc. has come to an amicable end. The two entities jointly announced the termination of a Memorandum of Understanding (MoU) signed on October 21, 2024, aimed at advancing sustainable mobility and job creation in Ethiopia. The decision, revealed today, follows months of in-depth discussions and strategic evaluations by both parties.
EIH stated that the battery-swapping initiative initially explored with Dodai would be better managed through a dedicated venture capital (VC) fund, currently under development. This shift, according to EIH, aligns with its broader mission to optimize risk, enhance returns, and support Ethiopia’s growing startup ecosystem. The organization also highlighted interest from other players in the sector as a catalyst for adopting a more expansive investment strategy. “Pursuing such investments directly through EIH is not feasible at this stage,” its statement noted, reaffirming a commitment to economic growth and sustainability.
Dodai, for its part, echoed the sentiment of mutual agreement, citing its own pivot toward “alternative strategic opportunities” in the global market. The company emphasized that these new directions would better leverage its technology and resources amid an evolving landscape. “Concluding the MoU at this stage is the most prudent course of action,” Dodai’s update read, underscoring a shared understanding with EIH that separate paths would serve their respective goals more effectively.
Both organizations expressed appreciation for the collaboration. EIH praised Dodai’s efforts in sustainable mobility, while Dodai commended EIH’s dedication to Ethiopia’s development. Looking ahead, EIH is poised to channel its ambitions through its forthcoming VC fund, while Dodai plans to explore innovative partnerships that align with its vision for sustainable transportation worldwide.
