Toyota Tsusho : Mobility 54 SAS Invests in BasiGo, an Electric Bus Sales and Battery Leasing Business in Kenya- Building an Electric Mobility Ecosytem in Africa to Achieve Carbon Neutrality -

• Africa

2022-11-15

Mobility 54 Investment SAS ("Mobility 54") - the corporate venture capital subsidiary of Toyota Tsusho Corporation ("Toyota Tsusho") and CFAO SAS ("CFAO") has decided to invest 1 million USD in BasiGo, Inc. ("BasiGo"), a startup in the electric bus business in Kenya.

1. Toyota Tsusho Group's Electric Mobility Strategy in Africa

Toyota Tsusho Group has established greenhouse gas ("GHG") emission reduction targets and investment strategies and is accelerating its related businesses to contribute to the transition to a decarbonized society, which is one of its Key Sustainability Issues (Materiality). In Africa as well, we are aiming to build an electric mobility ecosystem in order to achieve medium- to long-term carbon neutrality. Mobility 54 has worked to build an electric motorcycle ecosystem so far through investments in Zembo, a startup in the electric motorcycle business, and Aceleron, a startup in the battery business. We are now entering into the electric bus business through the investment in BasiGo. Toyota Tsusho will accelerate the electric mobility business by utilizing the innovative technologies of these startups and combining them with Toyota Tsusho Group's automobile businesses in Africa.

2. Challenges in the Bus Market in Africa

Travel by bus has become an integral part of people's lives in urban Africa, where the majority of the buses run on diesel or gasoline. Approximately 30 thousand buses are in use in Kenya, and air pollution in urban areas is becoming a serious problem. Furthermore, although Africa is generally still in the development phase in terms of the economic income levelcompared to other developed markets, gasoline prices are similar, making fuel prices a heavy burden on bus owners and becoming a social issue in the African public transport industry. Electric buses are expected to help solve social issues such as by reducing GHG emissions and improving the profitability of the public transportation industry.

3. About BasiGo

Established in Kenya in 2021, BasiGo operatesthe electric bus business with importing and selling electric buses, leasing batteries, and providing charging stations, etc., with the aim of achieving carbon neutrality in Africa and improving the profitability of public transportation operators. Partnered with electric bus manufacturers, BasiGo imports electric buses and batteries to Kenya, sells electric buses to bus operators, and owns batteries, which they lease to bus operators through a Battery as a Service platform. In a partnership with a local transportation business, they started operating two electric buses spplied by BYD Co. Ltd., a Chinese manufacture, in Nairobi in March of this year. The buses have been well accepted by passengers because of its quietness and comfort, which is leading to an increase in inquiries for purchase. Through this fund-raise, BasiGo plans to increase the number of BasiGo's electric buses in the coming years.

Toyota Tsusho and CFAO group, through their CVC Mobility 54, will continue to invest in startup partners with innovative technologies and services for Africa. We are working to solve social challenges in Africa by supporting expansions of innovative partners' businesses and services and creating strong synergies with partners.

BasiGo's Electric Bus

Overview of BasiGo, Inc.

Company name	BasiGo, Inc.
Location	Delaware, US
footprint	Kenya
Representative	Co-Founder & CEO Jit Bhattacharya
Established	March 2021
Business description	Sales of electric buses and leasing and charging of batteries

The information in this release is current as of the date of announcement.
Please note that information may change after the date of announcement. Thank you in advance for your understanding.

Back