KENYA: Norway invests $307m in electric mobility start-ups
Norwegian investment fund Norfund is to invest $307 million in the development of electromobility solutions in Kenya, in particular those of start-up BasiGo. The announcement was made recently by Norway's Minister of Foreign Affairs during his official visit to Nairobi.
With the proliferation of mobility start-ups, the preparation of tax incentives and the construction of new electric vehicle assembly plants, Kenya’s green mobility policy is on the up. In fact, international partners are jostling for the opportunity to invest in the country. This is the case of Norfund, the Norwegian investment fund, which has announced that it will inject 307 million dollars into electromobility solutions in Kenya.
Among the beneficiaries is BasiGo. The assembly company has already supplied 24 electric buses to public transport operators in this East African country. Its CEO, Jit Bhattacharya, recently received a visit from the Norwegian Minister of Foreign Affairs at its Buruburu site (on the outskirts of Nairobi) to explore a strategic partnership in the field of low-pollution, low-cost transport.
“Trade between our two countries has increased by 30% between 2021 and 2022. Around 45 Norwegian companies operate in Kenya – in the fields of agritech and renewable energy. So our visit to BasiGo demonstrates Oslo’s commitment to supporting growth in the region through strategic investment. We look forward to the future opportunities that our ongoing partnerships can bring, particularly in e-mobility,” says Minister Espen Barth Eide.
BasiGo’s fleet of electric buses comprises a number of vehicles, including its 25-seat K6 and 54-seat E9 Kubwa models. The start-up is in the process of assembling a further 1,000 units, which should be on the road in Kenya and Rwanda over the next few years. This investment is helping to create at least 300 jobs for young Africans, and should go a little further thanks to the support of Norfund.
