- Spiro, an electric vehicle company, has signed a $50 million debt financing agreement with Afreximbank, a pan-African supranational multilateral financial institution, to accelerate expansion in Cameroon and Morocco this year.
- According to Afreximbank's website, the funds will be used to expand Spiro's network of automated swap stations and introduce new electric bike models, making green mobility solutions more accessible and convenient.
- Kaushik Burman, CEO of Spiro, acknowledged that the debt facility will significantly improve the company's operational capabilities while also assisting with expanding its footprint into more African countries.
“We are happy to support Spiro through this facility, which will in turn accelerate the adoption of electric vehicles and enhance transportation across Africa. This collaboration reaffirms our belief in the power of innovation to create a better world for future generations,” Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank said.
This development comes nearly a month after it partnered with Max, a startup that democratises access to vehicle ownership, to accelerate the adoption of electric vehicles (EVs) and advance sustainable transportation solutions throughout Africa.
Spiro has a fleet of over 14,000 bikes and operates in six African countries: Nigeria, Ghana, Kenya, Uganda, Togo, and Benin. By creating an integrated EV ecosystem in Africa, the company hopes to reduce environmental impact while also improving urban mobility.
This includes collaboration with various stakeholders and the development of extensive charging infrastructure that includes both battery swapping and direct charging options.
In February 2024, the electric vehicle company partnered with the Ogun State government in Nigeria to set up swap stations for electric motorcycle batteries.
In August 2023, the company received a $63 million loan from GuarantCo, a company in the Private Infrastructure Development Group (PIDG), and the French bank Société Générale to expand its fleet of electric motorcycles, as well as the associated batteries and swap stations, in Benin and Togo.
