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EV Company Spiro Secures $50 Million Debt Facility from Afreximbank to Expand in Africa

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Spiro has announced the signing of a $50 million debt facility with he African Export-Import Bank (Afreximbank). The agreement was signed during the Africa CEO Forum in Kigali, Rwanda. The funds will be used to expand Spiro’s battery swap stations and also introduce new electric bike models. This is the second multi-million funding deal the company has closed in less than a year. Back in August, it closed a $63 million debt funding round with Societe Generale.

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Spiro is one of the leading EV companies in Africa with over 14,000 bikes. It operates in multiple African countries including Kenya, Uganda, Nigeria, Togo, Ghana and Benin.

“This partnership with Afreximbank is a pivotal development for Spiro,” stated Kaushik Burman, CEO of Spiro. “The $50 million USD debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It’s a testament to the confidence in our business model and our contribution to sustainable development in Africa.” 

Afreximbank, known for its role in stimulating a consistent expansion and diversification of African trade, has been instrumental in fostering economic development across the continent. The bank’s support for Spiro not only highlights the potential of green technologies in Africa but also aligns with its broader strategy to facilitate environmental sustainability and economic resilience. 

Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank said, “This partnership affirms our commitment to fostering sustainable innovation and green technologies in Africa. 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.”

Also Read: Bolt Partners with Roam Electric, Ampersand, and M-Kopa to Introduce Electric Motorcycles to its platform

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