IZI secures $221,000 to double its e-bus fleet in Rwanda

From the newsletter

Rwanda's e-bus startup, IZI, received the funding yesterday from Rwanda's Green Climate Fund. IZI plans to use the funds to double its fleet of e-buses in Kigali.

• IZI, only four months old in the Rwandan market, currently operates a fleet of five e-buses.

• These high-tech buses capture data on passenger numbers and emissions reduced. To date, they have carried over 250,000 passengers and mitigated over  60 tonnes of CO2 emissions.

More details

• While receiving the funding, Alex Wilson, CEO of IZI, said, “We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

• The funding will be used to add five e-buses, a paltry number compared to the over 100 orders received from operators seeking to reduce operational expenses.

• IZI is investing in infrastructure development by establishing a battery maintenance and repair plant in Kigali to support the EV ecosystem in Rwanda.

• It is also planning to launch a training program to address the skills gap in Rwanda's EV sector.

• Rwanda's EV market, with its enticing incentives, has attracted players from other regions, such as Kenya's BasiGo.

Our take

• As a new entrant, IZI will face competition from established players like BasiGo, who have more experience in the Rwandan market and greater financial resources, including funding for local manufacturing of their e-bus model in Kenya.