Kenya Vehicle Manufacturers (KVM) has received a huge boost in funding from CFAO Group, a major player in the mobility industry. The US$3 million investment will help KVM expand their assembly and distribution of electric buses in Kenya and Rwanda. The goal is to introduce more electric buses into the East African market, starting with 19 buses in Nairobi and aiming for 1000 buses within three years.
Partnership with CFAO and Mobility54
The funding from CFAO Group is split between CFAO Kenya and Mobility54, CFAO’s corporate venture capital arm. BasiGo, a Kenyan startup working with KVM, is thrilled to have CFAO on board. BasiGo’s CEO, Jit Bhattacharya, expressed gratitude for the partnership, highlighting CFAO’s recognition of the potential for electric mobility in Africa.
BasiGo’s Growth and Expansion Plans
BasiGo previously received a significant investment from Silicon Valley venture capitalists to support their electric bus assembly and charging infrastructure. With over 500 reservations from bus operators in Nairobi and 100 reservations from Kigali, BasiGo is on track for expansion. The company plans to offer a wider range of commercial electric vehicles and introduce a Pay-As-You-Drive financing model.
Promoting Sustainable Transportation in Africa
CFAO is leading the way in promoting sustainable transportation in Africa. They have opened their first electric vehicle dealership in Rwanda and invested in e-mobility start-ups through Mobility54. This initiative aims to create a green mobility ecosystem across 40 African countries.
Rise of Electric Vehicles in Africa
The popularity of electric vehicles (EVs) is on the rise in Africa. Data from the Energy and Petroleum Regulatory Authority (EPRA) shows a significant increase in the number of electric vehicles and motorcycles in Kenya. This trend not only provides cost-effective transportation but also helps reduce carbon emissions and combat climate change.
Overall, the rise of electric vehicles in Africa represents a significant step towards a more sustainable future for the continent. With continued investment in clean energy technologies and transportation infrastructure, Africa has the potential to become a global leader in the transition to low-carbon transportation.
