Spiro signs $50m debt facility with Afreximbank
Spiro signs $50m debt facility with Afreximbank
Spiro is building an integrated EV ecosystem in Africa.
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Spiro, an electric vehicle company in Africa, has signed heads of terms for a $50 million debt facility with the African Export-Import Bank (Afreximbank).
Spiro has more than 14,000 bikes on the road in five countries. The company is building an integrated EV ecosystem in Africa, including battery swapping and direct charging infrastructure.
“This partnership with Afreximbank is a pivotal development for Spiro,” stated Kaushik Burman, CEO of Spiro. “The $50 million 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.”
Kanayo Awani, executive vice president, Intra-African Trade and Export Development Bank, Afreximbank expressed enthusiasm about the partnership: “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.”
The funds will be utilised to further expand Spiro’s network of automated swap stations and introduce new electric bike models, enhancing the accessibility and convenience of green mobility solutions.
Last August, Spiro announced a $63 million debt funding round with Société Générale, in a deal designed to expand the company’s footprint in Benin and Togo.
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