Spiro, Africa’s Largest Electric Vehicle Maker, Agrees To US$50m Debt Facility With Afreximbank to Accelerate Expansion

Spiro, Africa’s largest Electric Vehicle Company, agrees to US$50 Million Debt Facility with Afreximbank to accelerate expansion.

The EV company says the US$50 million debt facility will help expand its network of automated swap stations and introduce new electric bike models.

Last August, Spiro announced a $63m debt funding round with Societe Generale, a deal designed to expand the company’s footprint in Benin and Togo.

Spiro, Africa’s largest Electric Vehicle (EV) Company, has announced the signing of Heads of Terms (HoTs) for US$50m debt facility with the African Export-Import Bank (Afreximbank) that will help expand its network of automated swap stations and introduce new electric bike models.

This landmark agreement was signed in Kigali, Rwanda during the Africa CEO Forum. The official signing ceremony featured Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Intra-African Trade and Export Development Bank, Afreximbank.

“This partnership with Afreximbank is a pivotal development for Spiro,” stated 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.”

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 Electric Vehicle (EVs) company’s footprint in Benin and Togo.

Spiro is the largest electric vehicle company in Africa with over 14,000 bikes and over 9 million battery swaps in five countries. Its mission includes the establishment of a wide range of charging infrastructure which include battery swapping and direct charging.

Afreximbank is known for its role in stimulating a consistent expansion and diversification of African trade. Its 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.

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