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BasiGo Secures $5 Million Funding to Accelerate Electric Bus Assembly in Kenya

BasiGo, a Kenyan electric bus company operating in Kenya and Rwanda, has announced a $5 million debt financing agreement with British International Investment (BII), the UK’s development finance institution and impact investor.
 
This funding will enable BasiGo to scale its electric bus assembly operations in Kenya and accelerate its mission to deliver 100 electric buses to the country.

BasiGo will repay the $5 million loan to BII on agreed-upon terms. This capital injection will be crucial in scaling BasiGo’s local assembly capabilities and meeting the rapidly growing demand for electric buses from Kenyan bus operators.

BasiGo has successfully deployed 19 electric buses in Nairobi, operated by various privately owned mini-buses used for public transport companies.
 
The buses are powered by Kenya’s abundant renewable energy, contributing to a cleaner and more sustainable transportation system for the country.

“Electrification of public transport in Kenya holds transformative potential,” says Jonathan Green, co-founder and chief financial officer of BasiGo.
 
“By leveraging our pay-as-you-drive model and offering flexible purchase options, we can empower matatu companies to adopt clean energy solutions without significant upfront costs.”

BasiGo’s unique pay-as-you-drive model provides two options for matatu companies. Customers can purchase an electric bus without a battery, reducing the initial cost. Alternatively, they can opt for a subscription service, which covers the battery lease, free charging at BasiGo’s stations, and maintenance, offering a convenient and hassle-free solution.
 
The K6 electric bus costs $35,600 for the initial purchase, with the subscription service costing $0.14 per kilometer.

This $5 million loan from BII signifies a significant step forward in BasiGo’s journey to revolutionize public transport in Kenya.
 
With expanded production capacity and an innovative business model, BasiGo is poised to play a pivotal role in decarbonizing Kenya’s transportation sector and promoting sustainable mobility solutions for the future.
 

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