BasiGo, Africa’s top electric bus company, has secured $3 million in equity funding from CFAO Group (CFAO), a major player in various industries across Africa and owned by Toyota Tsusho Corporation in Japan.
The investment, split between CFAO Kenya and Mobility54, will be used to ramp up BasiGo’s electric bus manufacturing and delivery in Kenya and Rwanda.
CFAO, with operations in over 40 African countries, boasts Africa’s leading automotive distribution network and is actively involved in the East African E-mobility industry.
They’re fostering the growth of E-mobility startups and contributing to renewable energy development in Africa.
In collaboration with the Kenyan government, Toyota Tsusho Corporation, CFAO Kenya, and CFAO Motor Kenya have signed a Framework Agreement for Collaboration to support Kenya’s journey towards carbon neutrality by establishing a green energy value chain.
BasiGo’s Co-Founder and Chief Executive Officer (CEO), Jit Bhattacharya expressed gratitude for CFAO’s partnership, highlighting their shared vision of leveraging electric mobility to drive African economies forward.
He added, “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.”
CFAO’s investment further validates BasiGo’s pioneering role in Kenya’s electric bus market in 2022.
BasiGo’s electric buses in Kenya have already made significant strides, with over 1.5 million kilometers driven, 2.1 million passengers transported, and 680 tons of greenhouse gas emissions mitigated as of this month.
Managing Director of CFAO Kenya, Akira Wada emphasized their commitment to advancing the electric vehicle industry and fostering sustainable energy practices across Africa.
“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.”
BasiGo recently completed production of their first locally assembled electric buses, marking a milestone in their goal to deliver 1,000 locally assembled electric buses in the next three years, generating 300 green manufacturing jobs in Kenya.
The vehicles were assembled at the Kenya Vehicle Manufacturers (KVM) factory located in Thika, in which CFAO Motor Kenya, an affiliate company of CFAO Kenya, holds an ownership stake.
Their innovative Pay-As-You-Drive financing model, which reduces upfront costs for operators, will be expanded with CFAO’s support, paving the way for broader adoption of electric vehicles across various commercial sectors.