Japan’s CFAO Group has injected Ksh 400 million ($3m) equity into BasiGo to help the Kenyan-based e-mobility firm accelerate production and delivery of its buses in Kenya and Rwanda.
BasiGo Co-Founder and Chief Executive Officer Jit Bhattacharya says the funding is expected to help the firm deliver 1,000 locally assembled electric buses within the next three years thereby creating 300 green manufacturing jobs in Kenya.
“As a leader in both the energy and mobility industry in Africa, CFAO recognizes the extraordinary opportunity for electric mobility to transform African economies. With CFAO’s strength and experience in the mobility industry. Customers/operators can trust that BasiGo is ready to deliver competitive, high-quality E-Bus solutions at scale,” said Bhattacharya.
The company has already received at least 500 reservations of its locally assembled electric buses from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali.
The investment split between CFAO Kenya and Mobility54, CFAO Group’s corporate venture capital arm, is further expected to strengthen the firm’s operations and boost its credibility having been the first company to launch electric buses for public transport in Kenya in 2022.
“This is the start of a new era and through this investment, we are not only supporting the growth of the electric vehicle industry, but also contributing to the development of sustainable green energy value chain that will benefit communities across Africa. We are committed to playing our part in advancing clean energy initiatives and driving progress towards a more sustainable and prosperous future for Africa and beyond,” added Akira Wada, CFAO Kenya Managing Director.
The funding follows a Framework Agreement for Collaboration with the Government of Kenya signed jointly by Toyota Tsusho Corporation, CFAO Kenya, and CFAO Motor Kenya pledging to support Kenya achieve carbon neutrality by establishing the green energy value chain, from energy generation to utilization.
As of this month, BasiGo’s electric buses in Kenya have covered over 1.5 million kilometers, ferried at least 2.1 million passengers and mitigated over 680 tones of greenhouse gas emissions.
