Kenyan electric vehicle (EV) start-up, BasiGo, has successfully secured Sh.766 million (approximately $5 million) in funding from British International Investment (BII).
The investment, provided through the Climate Innovation Facility of the British development finance institution, is set to facilitate the delivery of 100 electric buses in Kenya.
Jonathan Green, the co-founder and chief financial officer of BasiGo, expressed excitement about the financial boost.
He emphasized that the funding would play a crucial role in their mission to revolutionize the public transport sector in Kenya.
The goal is to introduce clean and eco-friendly energy solutions on Kenyan roads, contributing to the vision of making Africa a green powerhouse.
BasiGo plans to employ its innovative Pay-As-You-Drive financing model to distribute the electric buses.
This model allows bus operators to acquire electric vehicles without facing prohibitive upfront costs.
Green highlighted the significance of Kenya’s renewable energy sources in powering these electric buses, emphasizing the transformative potential of electrifying public transport in the country.
“Electric buses promise freedom from fuel imports, cleaner air, modern and affordable transport for the general public, and significant impact in lowering transport CO2 emissions,” stated Green.
Established in 2021, BasiGo introduced its first electric vehicle to the market in March 2022.
In November of the same year, the company secured $6.6 million from Mobility54, the venture capital arm of Toyota Tsusho, to initiate the commercial delivery of locally manufactured electric buses and charging infrastructure.
In 2022, BasiGo received a total funding of $10.9 million, and the recent investment from BII marks another milestone in their expansion journey.
The company has already delivered 19 electric buses to public transport operators in Nairobi.
Looking ahead, BasiGo aims to deploy at least 1000 electric buses in Kenya, Uganda, and Tanzania by the close of 2025.
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BasiGo Secures $5 Million Investment To Expand Electric Bus Fleet In Kenya
