New Investments
EV Company Spiro Revs Up Africa Expansion with $50 Million Afreximbank Loan
African electric vehicle (EV) leader Spiro announced a significant boost to its expansion plans with a $50 million debt financing agreement signed with Afreximbank, the pan-African multilateral financial institution.
The funds will fuel Spiro’s growth in Cameroon and Morocco this year, according to Afreximbank.
They will be used to expand the company’s network of automated battery-swapping stations and introduce new electric bike models, making eco-friendly transportation more accessible across the continent.
“This debt facility is a game-changer for Spiro,” said Kaushik Burman, CEO of Spiro. “It strengthens our operational capabilities and allows us to reach new African markets.”
Kanayo Awani, Executive Vice President at Afreximbank, expressed enthusiasm for the partnership. “We’re proud to support Spiro’s growth. This collaboration accelerates EV adoption and enhances transportation across Africa,” Awani said, highlighting Afreximbank’s commitment to innovation and sustainable development.
This agreement follows Afreximbank’s partnership with Max, a startup that facilitates car ownership, further solidifying their commitment to Africa’s sustainable mobility future.
Spiro currently boasts a fleet exceeding 14,000 electric bikes and operates in six African nations: Nigeria, Ghana, Kenya, Uganda, Togo, and Benin.
Their vision is to create a comprehensive EV ecosystem for Africa, promoting environmental responsibility and improved urban mobility.
This vision includes collaboration with various stakeholders and the development of a robust charging infrastructure offering both battery swapping and direct charging options.
Notably, in February 2024, Spiro partnered with Nigeria’s Ogun State government to establish electric motorcycle battery-swapping stations.
Additionally, last year, the company secured a $63 million loan to expand its operations in Benin and Togo.
With this latest investment, Spiro appears poised to accelerate its mission of making electric transportation a reality across Africa.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
President Biden Announces Over $1 Billion in Support to Tackle Food Insecurity in Africa
President Joseph R. Biden has announced more than $1 billion in additional humanitarian assistance to address urgent needs arising from food insecurity and crises affecting refugees, internally displaced persons (IDPs), and vulnerable communities in 31 African countries.
SA’s Omnisient Raises $7.5 Million to Expand Privacy-Preserving Data Platform
South African startup Omnisient has secured $7.5 million in Series A funding to accelerate its growth and expand its privacy-preserving data collaboration platform across Africa and beyond.
CREI Secures $40 Million for Renewable Energy Project in Mali
Communication & Renewable Energy Infrastructure (CREI), the energy division of Ieng Group, has secured $40 million in bridge financing to expand renewable energy systems for telecom towers in Mali.
