Kenya’s e-mobility firm BasiGo has secured Ksh 798.6M ($6.6 million) from eight financiers to enhance deliveries of its locally assembled electric buses.
The latest funding round led by Mobility54, Trucks VC, Novastar Ventures, Moxxie Ventures, My Climate Journey (MCJ), Susquehanna Foundation, Keiki Capital, and OnCapital now brings the total amount raised by the company this year to Ksh 1.4 billion ($10.9 million) raising its target to deliver 1,000 electric buses by 2025.
BasiGo has already received over 100 orders from matatu saccos since March this year, 15 of which will be delivered in January next year.
“Over 90pc of Kenya’s electricity already comes from renewables. Yet Kenya’s transport sector relies entirely on imported petroleum fuels. By electrifying Kenya’s public transport, we can make an immediate dent in climate emissions, clean up the air in our cities, and give bus owners relief from the rising cost of diesel. With this new funding, BasiGo is ready to bring the benefits of state-of-the-art electric transport to all people in Africa,” said Jit Bhattacharya, CEO of BasiGo.
The funding will also enable BasiGo expand its charging network through the company’s Pay-As-You-Drive financing model.
Under the six months pilot it conducted with Citi Hoppa and East Shuttle, BasiGo e-buses covered over 110,000km and ferried over 140,000 passengers.
“BasiGo’s strong capability to implement the concept and its cutting-edge technology is the key to transforming conventional diesel buses to environmentally-friendly electric buses,” added Takeshi Watanabe, Mobility54 CEO.
BasiGo’s Pay-As-You-Drive model allows owners to purchase an electric bus for a similar upfront cost to a diesel bus.
Under the Pay-As-You-Drive ownership model, operators pay BasiGo a Ksh 20 ($0.17) per kilometre subscription fee which includes leasing of the E-Bus battery, charging at BasiGo charge stations, and comprehensive service and maintenance provided by BasiGo.