Norfund, a Norwegian investment fund, has pledged to inject US$ 307 million towards a number of e-mobility projects in Kenya, in support of the country’s sustainability goals.
The decision was made during last week’s official state visit of Norway’s Foreign Affairs minister, Espen Barth Eide, who visited BasiGo’s Buruburu depot. The transport sector in Kenya was identified as a focal point for climate investors due to its burgeoning e-mobility sector and policy commitment towards eradicating carbon emissions. Norfund was one of the first investors of the Lake Turkana Wind Project, but sold its stake in July 2021 to UK’s Anergi group. “Our visit to BasiGo is a testament of Norway’s commitment to supporting Kenya’s growth through strategic investments. We are excited about the future possibilities that our continued partnerships can bring to the region and especially e-mobility,” said Espen Barth Eide.
BasiGo has flagged off 24 e-buses around Nairobi, collaborating with seven different bus operators. The investment aims to increase the number of electric public transport buses in Nairobi to 1,000 over the next three years.
BasiGo will receive investments through Novastar Ventures, funds that will be crucial in ramping up their production capacity and competitive advantage as more players join the market. The company already has 500 orders to fulfil in Kenya and 100 in Rwanda.
“Together, we are not only fostering economic growth but also ensuring that we contribute to a safer and more sustainable public transport system in Kenya,” said Jit Bhattacharya, CEO and Co-Founder of BasiGo.
BasiGo received US$ 3 million in April this year from CFAO group. The influx of equity funds in the company will also enable the company to invest in additional charging stations that will be in demand as e-mobility gains traction.
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KVM, Basigo Roll Out High-Volume Electric Bus Assembly Plant, Target 1000 Units by 2027
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