Norfund is excited about the possibility to support the e-mobility sector in Kenya through its investment in Navastar’s venture capital funds focused on companies forging solutions to the continent’s biggest problems.Norfund’s Grant scheme, Business Support, will co-invest with BasiGo in a project aimed at improving public transport road safety with BasiGo’s electric buses.
Norfund recognizes BasiGo’s model as an example of how private entrepreneurs can offer affordable, low-carbon public transport in Kenya and beyond.

Norway’s Minister of Foreign Affairs – His Excellency Espen Barth Eide has committed Norway’s support in Kenya’s e-mobility sector. Eide, who is on an official visit to Kenya, visited BasiGo’s BuruBuru Charging and Service Depot on Thursday 6th June, 2024 as part of showcasing the strong partnerships between Kenya and Norway in the area of sustainable development.

“Our visit to BasiGo is a testament to 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 Eide.

The transport sector is a significant contributor to carbon emissions and transitioning to electric vehicles presents a sustainable solution to mitigate environmental degradation and address the negative effects of climate change. “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.

Kenya plays a crucial role in Norfund’s development mandate and holds the position of the largest country exposure within its portfolio. Norfund has reinforced its dedication to Kenya with a contracted portfolio totalling USD 307 million (KSh 40.2 billion).Since its inception, Norfund has been a key investor in Novastar’s funds and has committed to the new fund launching in 2024. Norfund’s commitment total USD 18 million (KSh 3.2 billion) across Novastar’s three funds.

“Trade between Norway and Kenya increased by 30 per cent between 2021 and 2022, and the balance of trade is in Kenya’s favour. About 45 Norwegian companies are operating here – dealing with fertilizers and agritech, ICT, startups in different sectors, and renewable energy,” added Eide.

BasiGo has deployed 24 Electric Buses with 7 different bus operators in Nairobi. The company plans to deploy 1,000 locally assembled E-Buses for Kenyan bus operators over the next three years, an investment that will create 300 green manufacturing jobs in Kenya. Already, BasiGo has over 500 orders from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali, Rwanda.

Categories: ,

Leave a Reply

Your email address will not be published. Required fields are marked *