Finnfund, a Finnish impact investor, has committed a EUR 10 million senior debt investment in Bisedge Holdings, a leading African provider of electric material handling equipment and logistics-as-a-service solutions.
The investment will support the expansion of electric forklift fleets in Nigeria, Tanzania and Kenya, helping businesses reduce emissions while improving operational efficiency.
The transaction marks Finnfund’s first electric vehicle (EV) investment in Africa, complementing its existing e-mobility investments in India and Vietnam. The investment aligns with Finnfund’s climate strategy and support for low-carbon transportation and logistics solutions in emerging markets.
“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.
This project benefits from EDFI Renewable Energy Transition programme, a guarantee managed by EDFI Management Company and funded by the European Union under the EFSD+ guarantee, supporting the EU’s Global Gateway strategy.
“Supporting Bisedge to help decarbonise the logistics sector through deployment of electric vehicles is a smart business. This is an example of Global Gateway’s Team-Europe approach to supporting European companies achieve their clean energy transition and investment goals” said Gautier Mignot, Ambassador of the European Union to Nigeria and ECOWAS. The investment is expected to support broader European strategic interests by fostering international partnerships and creating potential opportunities for collaboration with European companies across the project value chain.
Trine, an impact investment platform that mobilises capital for renewable energy projects in emerging markets, has partnered with Bisedge since 2021, progressively deploying ~ EUR 16.5 million in.early-stage financing and sector expertise to Bisedge, to fuel its development and growth.
For Trine, Bisedge’s rapid expansion marks a familiar inflection point: once impact‑driven companies reach a certain scale, their capital needs to grow beyond what retail investors can sustainably meet. Rather than stepping back, Trine sought a long‑term institutional partner capable of supporting companies as they transition into larger, more scalable financing structures. Through close collaboration, Finnfund and Trine designed a financing solution that enables Bisedge to continue its growth without disruption while bringing stronger development impact frameworks into the partnership.
The Bisedge investment is more than a single transaction: it marks the beginning of a long-term partnership between Finnfund and Trine. Together, the organisations aim to build a scalable model that supports early‑stage clean‑energy companies as they mature, strengthens responsible business practices across sectors, and mobilises substantial new capital for the energy transition in emerging markets.
With complementary strengths and a shared commitment to climate impact, Finnfund and Trine are well‑positioned to support the next generation of renewable‑energy leaders across Africa and beyond.
“Since making our first green logistics investment in Bisedge in 2021, we have remained a dedicated partner throughout their growth journey. Arranging this strategic facility with Finnfund equips Bisedge to accelerate its expansion across Africa while maintaining the strong, collaborative foundation we built together. It is a prime example of our investment model – identifying strong partners early, supporting their execution, and introducing institutional capital at pivotal moments” said Ayokanmi Aderibigbe, Senior Investment Manager at Trine.
The investment is expected to generate significant climate impact. Independent verification estimates that replacing diesel forklifts with electric alternatives can reduce emissions by approximately 37 tonnes of CO₂ per forklift annually in Nigeria, while Bisedge’s current operations are already estimated to reduce thousands of tonnes of carbon emissions each year.
In addition to climate benefits, the investment will support job creation and skills development. Bisedge currently employs around 1,000 people and is recognized as the first company in Nigeria to offer dedicated training and employment opportunities for women forklift operators. The company aims to increase female participation in its workforce to at least 20 percent through targeted recruitment and training programs.
The transaction also underscores both organizations’ shared commitment to supporting sustainable industrial growth in Africa through investments that create employment, improve productivity and contribute to the transition to a low-carbon economy.
Founded in 2020, Bisedge provides electric forklifts and intralogistics services to major multinational companies. Through long-term service agreements, the company supplies equipment, maintenance and trained operators, helping customers move goods more efficiently within factories, warehouses and distribution centers. Its fleet is already approximately 95% electric.
Across much of Africa, logistics and industrial operations continue to rely heavily on diesel-powered material handling equipment, contributing to greenhouse gas emissions, higher operating costs and poorer air quality.
Access to electric alternatives remains limited, particularly outside South Africa. Bisedge aims to address this gap by making electric material handling equipment more widely available through flexible rental and service models that lower adoption barriers for industrial customers.
(news.cision.com)
