KENYA – BasiGo Ltd., a leading electric Bus solutions provider in Africa, has secured a significant US$5 million in debt funding from British International Investment (BII), the UK’s development finance institution and impact investor.
This funding, facilitated through BII’s Climate Innovation Facility, is specifically aimed at accelerating climate innovation in emerging markets.
Renowned for its expertise in the electric bus domain, BasiGo plans to utilize the investment to scale up local electric bus assembly, addressing the growing demand from bus operators in Kenya.
This financial backing plays a crucial role in transitioning Kenya’s public transport from diesel-powered vehicles to state-of-the-art electric buses.
Recently, in November, BasiGo also received a grant of US$1.5 million from the United States Agency for International Development (USAID) through its Development Innovation Ventures program.
BasiGo’s innovative Pay-As-You-Drive financing model empowers bus operators to acquire electric buses without facing overwhelming upfront costs.
This model aligns seamlessly with BII’s commitment to fostering sustainable and resilient industries, creating employment opportunities, curbing emissions, and promoting biodiversity, evident in the Africa Green Industrialization Initiative (AGII) launched at COP28.
Chris Chijiutomi, BII’s Managing Director and Head of Africa, expressed excitement about collaborating with BasiGo, affirming, “BasiGo stands as a pioneer, revolutionizing public transport in Kenya with the potential to mitigate 5 million tonnes of CO2 in Nairobi alone.”
BII’s Climate Innovation Facility is geared toward scaling impactful technologies that transform lives and communities across Africa.
Jonathan Green, Co-founder, and CFO of BasiGo, conveyed gratitude for BII’s support, emphasizing their shared commitment to developing scalable climate solutions in Africa.
Electric buses powered by Kenya’s abundant renewable energy offer liberation from fuel imports, cleaner air, contemporary and affordable transport, alongside a substantial reduction in CO2 emissions.
Since its inception in 2021, BasiGo has spearheaded the integration of electric buses into Nairobi’s public transport fleet.
Presently boasting the largest fleet of electric buses in sub-Saharan Africa, BasiGo’s electric buses have covered over 1 million kilometers, facilitated transport for more than 1.2 million passengers, and mitigated approximately 500 tonnes of CO2 emissions.
This debt facility from BII marks a pioneering initiative, supporting the electrification of the informal public transport sector in Sub-Saharan Africa.
The locally assembled electric buses funded by this facility are poised to establish a new green manufacturing hub for modern electric vehicles in Kenya.
BasiGo’s unwavering commitment to sustainability is evident as its initial batch of locally assembled electric buses commences production at Kenya Vehicle Manufacturers, a prominent automotive assembly plant in the country.
With deposits from over 350 bus operators in Nairobi, BasiGo aims to deploy 1,000 locally assembled electric buses in East Africa within the next three years, making a substantial contribution to the region’s eco-friendly transportation landscape.
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