Kigali-based e-mobility company, IZI Electric, has secured a $220,000 (Rwf300 million) round of financing in grants from Rwanda Green Fund (Fonerwa), as part of the firm’s efforts to expand its fleet on the local market.
Under the grants, the firm expects to add five new electric buses, including advanced features such as an independent intelligent driver’s cabin, air suspension balanced seats, full LCD dashboards, one-step entry, and a flat-floor design for enhanced passenger comfort.
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Founded in 2023 by Alexander Wilson, IZI aims to revolutionize travel in the region by offering an affordable, zero-emission alternative for the world’s fastest-growing cities. The firm also plans to establish a battery maintenance and repair facility in Kigali to support the growing EV ecosystem in Rwanda, positioning the country as a hub for innovation in the electric vehicle industry.
Kigali is experiencing a surge in electric cars which, according to data from Rwanda Revenue Authority (RRA), increased from just 19 in 2020 to 512 in this year.
Industry players attribute the growth mainly to tax incentives on such vehicles, and their convenience including the ability to run on both fuel and electricity.
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However, according to Wilson, the chief executive at IZI, there is a need to develop a skilled workforce to support Rwanda's growing e-mobility industry sector, focusing on high-voltage systems, battery management, and advanced diagnostics—skills that are fundamentally different from those required for traditional combustion engine vehicles.
In April, IZI launched in Rwanda by delivering five electric buses in partnership with Kigali Bus Services, aiming to provide affordable electrification of transport in the continent’s growing cities.
The firm reported that its initial fleet of five electric buses has achieved "notable success” in four months, covering over 74,000 electric kilometers, carrying over 250,000 passengers, reducing operating costs by 38 percent, and mitigating over 60 tonnes of CO2 emissions.