KENYA – Lexo Energy, a leading fuel retailer in East Africa, plans to gradually install electric vehicle charging stations in Kenya and Tanzania after a US$14 million loan from the International Finance Corporation (IFC).
Lexo leases fuel stations from the owners and operates the stations under its brand.
“Lexo is aiming at a network of 200 fuel stations in 7 years, with an annual growth of 10-12 stations per country,” IFC said on its website.
The International Finance Corporation, which is the private sector arm of the World Bank, supports companies in developing countries through loans, equity investments and advisory services.
The financial institution said it will offer Lexo energy technical support for greening initiatives; and environmental, health and social best practices, in addition to the financial support.
“Lexo is aiming at a network of 200 fuel stations in 7 years, with an annual growth of 10-12 stations per country”International Finance Corporation
The move seeks to bring new revenue streams and boost demand for cars that don’t use petrol and diesel.
The government of Kenya aims to increase the uptake of electric vehicles in the country in the next five years with a goal to have 5% of all registered vehicles in Kenya being electric vehicles by 2025.
Already, Nopea Ride, a taxi-hailing service that only uses electric cars, is scaling up operations in Kenya. The firm has so far installed charging stations in three locations; the Two Rivers Mall, the Hub Karen, and Thika Road Mall.