BasiGo’s Electric Buses Receive $5 Million Investment Boost from BII for Green Transformation

BasiGo Ltd., one of Africa’s foremost Electric Bus solution providers has secured $5 million in debt funding from British International Investment (BII), the UK’s development finance institution and impact investor. The funding, facilitated through BII’s Climate Innovation Facility, is designed to accelerate climate innovation in emerging markets.

BasiGo, a trailblazer in the electric bus domain, will utilize the $5 million investment to scale the local assembly of electric buses, responding to the escalating demand from bus operators in Kenya. The financing support is instrumental in transitioning Kenya’s public transport from diesel-powered vehicles to contemporary electric buses.

In November, BasiGo received a grant of USD 1.5 million from the United States Agency for International Development (USAID) through its Development Innovation Ventures program.

The innovative Pay-As-You-Drive financing model introduced by BasiGo allows bus operators to acquire electric buses without grappling with exorbitant upfront costs. This model aligns with BII’s commitment to fostering sustainable and resilient industries, creating jobs, reducing emissions, and enhancing biodiversity, as reflected in the Africa Green Industrialisation Initiative (AGII) launched at COP28.

BII’s Managing Director, Head of Africa, Chris Chijiutomi, expressed enthusiasm about partnering with BasiGo, stating, “BasiGo is a leader, revolutionizing public transport in Kenya with the potential to mitigate 5 million tonnes of CO2 in Nairobi alone.” BII’s Climate Innovation Facility aims to scale impactful technologies, transforming lives and communities in Africa.

Jonathan Green, Co-founder and CFO of BasiGo, expressed gratitude for BII’s support, highlighting the shared commitment to building scalable climate solutions in Africa. Electric buses in Kenya, powered by the country’s abundant renewable energy, promise freedom from fuel imports, cleaner air, modern and affordable transport, and a significant reduction in CO2 emissions.

Since its establishment in 2021, BasiGo has pioneered the introduction of electric buses into Nairobi’s public transport fleet. Currently boasting the largest fleet of electric buses in sub-Saharan Africa, BasiGo’s electric buses have covered over 1 million kilometers, transported more than 1.2 million passengers, and mitigated approximately 500 tonnes of CO2 emissions.

The debt facility from BII marks a groundbreaking initiative, supporting the electrification of the informal public transport sector in Sub-Saharan Africa. The locally assembled electric buses financed by this facility will establish a new green manufacturing hub for modern electric vehicles in Kenya.

BasiGo’s commitment to sustainability is evident as its first batch of locally assembled electric buses enters production at Kenya Vehicle Manufacturers, a prominent automotive assembly plant in the country. With over 350 deposits from bus operators in Nairobi, BasiGo aims to deploy 1,000 locally assembled electric buses in East Africa over the next three years, contributing significantly to the region’s green transportation landscape.