African EV firm Spiro agrees to $50 Million debt facility with Afreximbank for expansion
Spiro, the African electric vehicle company in Africa has signed a US$50 million debt facility with the African Export-Import Bank (Afreximbank).
This landmark agreement was signed in Kigali, Rwanda during the Africa CEO Forum, highlighting Spiro's commitment to enhancing sustainable transportation on the continent.
Spiro is the largest electric vehicle company in Africa, with over 14,000 bikes, over 9 million swaps in five countries. Operating across multiple African nations, Spiro's mission is to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with multitude of partners and establish a wide range of charging infrastructure which include battery swapping and direct charging.
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.
"This partnership with Afreximbank is a pivotal development for Spiro," said 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."
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 utilized 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. As Spiro continues to lead the charge in transforming Africa's transport ecosystem, this collaboration with Afreximbank marks a significant milestone in the journey towards a greener future.
Anish Jain, Group CEO of Equitane, expressed his support for this new venture, stating, "This partnership with Afreximbank marks a significant milestone in Spiro’s journey. As part of the Equitane Group, Spiro embodies our commitment to pioneering solutions that promote sustainability and economic growth. We are proud to see Spiro take this remarkable step forward, paving the way for a cleaner, more sustainable future in African transportation."
Last August, Spiro announced a $63 million debt funding round with Societe Generale, in a deal designed to expand the company’s footprint in Benin and Togo.
