New Investments
BasiGo Secures $5 Million Funding to Accelerate Electric Bus Assembly in Kenya
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.
“Electrification of public transport in Kenya holds transformative potential,” says Jonathan Green, co-founder and chief financial officer of BasiGo.
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.
This $5 million loan from BII signifies a significant step forward in BasiGo’s journey to revolutionize public transport in Kenya.
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