Kigali, Rwanda – May 17, 2024 – Spiro, Africa’s leading electric vehicle company, announced a landmark $50 million debt facility agreement with the African Export-Import Bank (Afreximbank). This partnership marks a significant step forward in Spiro’s mission to revolutionize sustainable transportation across the continent.
The agreement, signed during the Africa CEO Forum, will provide crucial funding for Spiro to expand its network of automated battery swapping stations and introduce new electric bike models. This boost will enhance accessibility and convenience, making green mobility solutions even more attractive to Africans.
“This partnership with Afreximbank is a pivotal development for Spiro,” said Kaushik Burman, CEO of Spiro. “The $50 million facility will significantly enhance our capabilities and help us reach more African countries.”
Afreximbank, a key player in fostering African trade and economic development, is known for supporting innovative ventures. Their backing highlights the immense potential of green technologies in Africa and aligns with their strategy to promote environmental sustainability.
“We are happy to support Spiro through this facility,” said Kanayo Awani, Executive Vice President at Afreximbank. “This collaboration will accelerate the adoption of electric vehicles and enhance transportation across Africa.”
Spiro, already boasting over 14,000 electric bikes and 9 million battery swaps across five countries, aims to build a comprehensive electric vehicle ecosystem in Africa. This includes partnerships with various players and establishing a wide range of charging infrastructure, encompassing both battery swapping and direct charging options.
The funding also comes on the heels of Spiro’s $63 million debt funding round with Societe Generale last August, in a deal designed to expand the company’s footprint in Benin and Togo.
