BasiGo, a leading electric bus manufacturer, today announced a significant milestone in its mission to revolutionize Kenya’s public transportation with the acquisition of a $10 million loan from the United States International Development Finance Corporation (DFC).
This investment will accelerate the company’s production of electric buses and contribute to Kenya’s green industrialization goals.
The announcement was made during a visit to the Kenya Vehicle Manufacturers (KVM) assembly line in Thika by U.S. Ambassador Meg Whitman. Ambassador Whitman emphasized the growing US-Kenya partnership and the United States’ commitment to supporting Kenya’s transition to clean energy.
“This investment is a testament to the strong US-Kenya relationship and our shared commitment to a sustainable future,” said Ambassador Whitman. “By supporting BasiGo, we are not only promoting clean transportation but also creating jobs and fostering economic growth.”
The DFC loan will enable BasiGo to significantly increase its production capacity, from five electric buses per month to 20 buses per month by 2025. The company aims to produce a total of 1,000 electric buses over the next three years.
“This funding is a game-changer for BasiGo,” said Jit Bhattacharya, CEO and Co-Founder of BasiGo. “It will allow us to scale up our operations, create more jobs, and accelerate the adoption of electric buses in Kenya. We are proud to be at the forefront of Kenya’s green mobility revolution.”
BasiGo has already made significant strides in the electric bus market, with over 500 reservations from bus operators in Nairobi and 300 in Kigali, Rwanda. The company recently assembled its first two E9 Kubwa electric buses, designed specifically for the Kenyan public service vehicle (PSV) market.
“We are excited to support BasiGo’s growth and contribute to Kenya’s sustainable development,” said Vibhuti Jain, DFC’s Regional Managing Director for Africa. “This investment aligns with our mission of investing in projects that create jobs, drive economic growth, and improve the lives of people in Africa.”
The partnership between BasiGo and KVM is expected to create 300 green manufacturing jobs, further solidifying Kenya’s position as a regional leader in clean technology. Several local bus operators, including Citi Hoppa, Super Metro, Oma Sacco, MetroTrans, KBS, Embassava, East Shuttle, and Latema Sacco, have already committed to incorporating BasiGo’s electric buses into their fleets.
“We are proud to be part of this historic moment for Kenya,” said Marian Muthui, BasiGo Kenya’s Head of Manufacturing. “By increasing our production capacity, we will be able to meet the growing demand for electric buses and contribute to a cleaner and more sustainable future.”
BasiGo is an electric bus company dedicated to revolutionizing public transportation in Kenya. With a focus on affordability, reliability, and sustainability, BasiGo is committed to providing clean and efficient transportation solutions for commuters and operators.
DFC partners with the private sector to finance solutions to the development challenges facing the developing world.