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.
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