BasiGo raises $3m to boost EV bus rollout in East Africa
TLDR
- Kenyan startup BasiGo secures $3 million from CFAO Group to enhance electric bus production in Kenya and Rwanda, supported by CFAO Kenya and Mobility54.
- With reservations in place for 600 buses, BasiGo plans to use the funding to expedite part deliveries and ramp up production for electric buses in East Africa.
- This financial boost marks a milestone for BasiGo as it aims to advance electric transportation solutions in the region through manufacturing and distribution of electric buses.
Kenyan electric mobility startup, BasiGo, has raised $3 million in equity funding from CFAO Group to bolster its electric bus production in Kenya and Rwanda. This is coming a few months after the electric bus company raised $6.5 million, which included $5 million in debt from British International Investment.
This investment, facilitated by CFAO Kenya and Mobility54, CFAO's corporate venture capital subsidiary, aims to support BasiGo in manufacturing and distributing electric buses across the two East African countries.
With reservations already secured for 600 buses, the e-mobility company intends to utilize the new funding to expedite part delivery, thereby accelerating its production process. This injection of capital signifies a significant step forward for BasiGo as it endeavors to contribute to the expansion of electric transportation solutions in the region.
Key Takeaways
The global momentum toward the acceptance of electric vehicles (EVs) is evident, with over 11 million registered EVs worldwide in 2020, and projections anticipate a significant increase to 145 million by 2030. Despite this, progress in Africa, particularly in Kenya, has been comparatively slower. Currently, EV adoption in Kenya stands at 5% of the total vehicles, mostly comprising private vehicles. However, recent developments indicate a potential shift in this landscape. The launch of the new Bus Rapid Transit (BRT) network in Nairobi, exclusively designed for green vehicles, signals a commitment to sustainable transportation. Additionally, initiatives by EV startups like BasiGo contribute to the growing interest in electric mobility. These developments suggest a promising trajectory for the expansion of electric vehicle usage in Kenya, as efforts are made to integrate green transportation solutions into public infrastructure and promote the adoption of EVs in both private and public sectors.
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