Afreximbank provides Spiro with $50m debt to ramp up EV supply
TLDR
- Spiro secures $50 million debt financing agreement with Afreximbank for expansion in Cameroon and Morocco, focusing on green mobility solutions.
- Funding to be used for automated swap stations network expansion and introduction of new electric bike models.
- CEO Kaushik Burman praises debt facility's role in enhancing operational capabilities and facilitating expansion into more African countries.
Spiro, an electric vehicle company, has secured a $50 million debt financing agreement with Afreximbank, a pan-African supranational multilateral financial institution. The funding aims to accelerate Spiro's expansion in Cameroon and Morocco this year.
The funds will be allocated towards expanding Spiro's network of automated swap stations and introducing new electric bike models. This initiative aims to make green mobility solutions more accessible and convenient for consumers in the target markets.
Kaushik Burman, CEO of Spiro, expressed gratitude for the debt facility, highlighting its significance in enhancing the company's operational capabilities and in facilitating Spiro's expansion into more African countries.
Key Takeaways
Spiro boasts a fleet of over 14,000 bikes and operates in six African countries: Nigeria, Ghana, Kenya, Uganda, Togo, and Benin. To create an integrated EV ecosystem in Africa, the company seeks to mitigate environmental impact while enhancing urban mobility. This involves collaborating with various stakeholders and developing extensive charging infrastructure, including battery swapping and direct charging options. In February 2024, Spiro partnered with the Ogun State government in Nigeria to establish swap stations for electric motorcycle batteries, and last August, it secured a $63 million loan from GuarantCo, a member of the Private Infrastructure Development Group (PIDG), and the French bank Société Générale. This funding aims to support the expansion of Spiro's fleet of electric motorcycles, along with associated batteries and swap stations, in Benin and Togo.
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