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.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Egypt’s Synapse Analytics Secures $2 Million to Expand AI Financial Solutions
Synapse Analytics, an Egyptian artificial intelligence (AI) startup, has secured a $2 million investment to expand its AI-powered solutions across the Gulf Cooperation Council (GCC) and Africa.
Ten African Startups Advance to Latitude59 African Final, Winner to Compete for €1 Million Prize
Ten promising startups have been selected to compete in the African final of the prestigious Latitude59 competition.
IFC Proposes $25 Million Investment in African Transition Acceleration Fund
The International Finance Corporation (IFC) has revealed plans to take an equity stake of up to $25 million in the African Transition Acceleration Fund (ATAF), a new vehicle set up to speed up clean-energy and low-carbon transport ventures across the continent.