UK Investor Pours Capital into BasiGo's Clean Mobility Venture
In a strategic move to fortify its position in the forefront of the clean mobility revolution in public transport, BasiGo, a leading player in electric buses, has successfully secured a $5 million (Ksh766.7 million) debt facility from British International Investment (BII), a prominent UK development finance institution and impact investor.
Fueling Clean Mobility Ambitions
Jonathan Green, the Co-founder and Chief Financial Officer of BasiGo, disclosed the significant financial injection from BII, highlighting the pivotal role it plays in advancing local assembly of electric buses. The infusion of capital is expected to accelerate BasiGo's efforts in the assembly of electric buses, further contributing to the paradigm shift towards clean and sustainable public transportation.
Strategic Growth Plans Unveiled
BasiGo has already made strides in the clean mobility landscape by deploying 19 electric buses on various routes in Nairobi. With the latest capital boost, the company is gearing up to expand its fleet ambitiously. The goal is to scale up the fleet from the current 19 buses to a remarkable 1,000 buses, extending operations not only in Kenya but also in Uganda and Tanzania within the next three years.
African Solutions for Climate Challenges
Expressing excitement about the financial backing from BII, Jonathan Green emphasized the shared commitment towards building scalable climate solutions within Africa. BasiGo's focus on local assembly aligns with the broader global initiative to reduce carbon emissions and combat the adverse effects of climate change.
Collaborative Efforts in Local Assembly
The firm initiated its foray into locally assembled buses in collaboration with Kenya Vehicle Manufacturers last year. This strategic partnership marked the beginning of BasiGo's commitment to fostering sustainable and environmentally friendly transportation solutions.
Continued Investment and Growth
This is not the first significant investment for BasiGo. In the previous year, the company secured Ksh804.5 million ($5.3 million) from Silicon Valley venture capitalists. This infusion of funds played a crucial role in kickstarting local manufacturing endeavors for electric buses and charging infrastructure.
Navigating the Competitive Landscape
BasiGo finds itself in a dynamic landscape, facing competition from Roam, a Swedish-Kenyan electric vehicle firm. The demand for electric-powered vehicles is steadily growing, reflecting a broader global trend towards sustainable and eco-friendly transportation options.
The latest financial injection from BII positions BasiGo for substantial growth and impact in the realm of clean mobility. As the company gears up to navigate the evolving landscape of electric buses, it stands as a testament to Africa's contribution to global initiatives for sustainable and environmentally conscious transportation solutions.