Kenya's Electric Bus Assembly Company, BasiGo, Secures $42Million Funding.
Kenya’s electric bus assembly and operations company, BasiGo, has secured $42 million in funding to accelerate the electrification of public transport across East Africa.
The investment comprises a $24 million Series A equity round led by Africa50 Infrastructure Investment Platform, which is backed by the African Development Bank Group and 29 African governments.
Additional investors in the Series A round include SBI Investment, Novastar Ventures, CFAO Kenya, mobility54, Trucks Venture Capital, Moxxie Ventures, and Susquehanna Foundation.
The funding unlocks a $10 million loan facility from the U.S. International Development Finance Corporation for BasiGo Kenya and a $7.5 million debt facility from British International Investment for operations in Rwanda.
The company plans to increase its production capacity from the current five buses per month to 20 vehicles monthly at the Kenya Vehicle Manufacturers facility.
BasiGo aims to deliver 1,000 electric buses in Kenya within the next three years.
BasiGo's Pay-As-You-Drive financing model has gained traction among local transport operators, with over 500 reservations from Nairobi matatu owners.
The investment reinforces Kenya's position as a hub for electric mobility in East Africa, where the government aims to expand EV ownership to 5% of all registered vehicles by 2025.
NAIROBI BASED BIOGAS TECH FIRM SECURES $15Million.
Nairobi based biogas technology leader Sistema.bio / Sistema Biobolsa has secured an additional $15 million to fuel its global expansion.
ElectriFI led the funding, and other investors, will accelerate partnerships, markets, and agronergy products for bioenergy and farmers across the world.
Powered by its impact on climate, economy and health for farmers worldwide, this investment follows Sistema.bio's five-fold jump in sales in the last three years.
Developing and distributing biodigesters that convert organic waste into biogas and biofertilizer as a source of clean energy and an input to boost agricultural productivity on small holder farms is the company’s focus.
With this investment Sistema.bio will be able to scale its operations and reach more farmers across Africa, Latin America and Asia.
The financing package will support Sistema.bio's growth and diversification goals ahead of its anticipated Series C funding in 2025.
Sistema.bio has already positively impacted over 100,000 farms and more than 600,000 people across three continents, reducing over 1 million tons of CO2e emissions annually.
This new funding will allow the company to provide an additional one million farmers with financial services and tools to become commercially successful by 2025.
It will also help by reducing 1% of global emissions in the same time frame and cementing its position as a leader in sustainable agriculture and renewable energy solutions for smallholder farmers.