EV company, Spiro raises $50m debt funding from Afreximbank to accelerate expansion

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EV company, Spiro signs $50m debt funding raise with Afreximbank to accelerate expansion

Spiro, the largest electric vehicle company in Africa, is pleased to announce it has signed heads of terms for a significant $50 million debt facility with the African Export-Import Bank (Afreximbank).

This landmark agreement was signed in Kigali during the Africa CEO Forum, highlighting Spiro’s commitment to enhancing sustainable transportation on the continent. The official signing ceremony featured Spiro’s CEO, Kaushik Burman and Madame Kanayo Awani, Executive Vice President of Afreximbank. 

Spiro is Africa’s largest Electric Vehicle (EV) company with over 14000 bikes and 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 a multitude of partners and establish a wide range of charging infrastructure which includes 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.

Similar: Electric Vehicles: IZI Rwanda delivers 5 electric buses to ease public transportation in Kigali

EV company, Spiro signs $50m debt funding raise with Afreximbank to accelerate expansion
A motorbike taxi driver with a Spiro Electric Bike in Kigali

“This partnership with Afreximbank is a pivotal development for Spiro,” stated Kaushik Burman, CEO of Spiro. “The USD 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. The future of transportation lies in the use of electric vehicles and as demand for clean energy solutions soars, support towards companies like Spiro is crucial for accelerating the adoption of electric vehicles and reduction of carbon emissions. This collaboration not only aligns with our values of sustainability and responsible banking but also reaffirms our belief in the power of innovation to create a better world for future generations.” 

According to a statement by Spiro, the funds will be used to expand the company’s network of automated swap stations and introduce new electric bike models as well as enhance the accessibility and convenience of green mobility solutions.

Read also: Nigerian e-hailing drivers are choosing CNG cars over Electric Vehicles and here is why

The company also believed that the collaboration with Afreximbank marks a significant milestone in its journey towards a greener future.

EV company, Spiro signs $50m debt funding raise with Afreximbank to accelerate expansion

Equitane is a dynamic conglomerate deeply invested in fostering progress in Africa and beyond. The company is all about spotting opportunities and turning them into big projects that make a real impact.

From infrastructure, power and gas, electric vehicles, renewable energy, textiles, agribusiness, and healthcare, to sustainable mining, Equitane incubates the potential in their subsidiaries to encourage growth across a wide range of sectors and geographies.

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. 


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