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Finnfund, the Finnish development financier, has committed a €10 million senior debt investment to Bisedge Holdings, which provides electric material handling equipment and logistics-as-a-service solutions in Africa.
The investment will support the expansion of Bisedge’s electric forklift fleets in Nigeria, Tanzania and Kenya. It marks Finnfund’s first electric vehicle investment in Africa.
“Bisedge aspires to lead the transition to electric material handling in Africa, and to prove that electric fleets deliver industry-leading uptime and reliability across our customers’ operations”, said Christian Wessels, co-founder and CEO of Bisedge. “The Finnfund facility gives us further capital to deliver our solutions to more customers and more markets. We are delighted to partner with Finnfund.”
“Africa’s industrial and logistics sectors are growing rapidly, but electrification of material handling equipment remains at an early stage in many markets. Bisedge has demonstrated that electric forklifts can deliver both environmental and business benefits for customers. At Finnfund, we are looking for investments that enable economic development while helping societies operate within planetary boundaries, and Bisedge is a strong example of this in practice. We are pleased to support a company that is helping accelerate the transition to cleaner and more efficient logistics solutions across the continent,” said Justin Nthala, senior investment manager at Finnfund.
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