EV Firm Spiro Secures $50M Funding to Enhance Sustainable Transportation in Africa

What’s this about?

  • Spiro secured a $50 million debt facility from Afreximbank to enhance sustainable transportation and expand its electric vehicle operations across Africa.
  • The partnership will support Spiro’s development of an integrated EV ecosystem, including battery swapping and direct charging infrastructure, and facilitate the introduction of new electric bike models.
  • Spiro’s initiatives, including recent collaborations with the governments of Kenya and Uganda, aim to reduce environmental impact, improve urban mobility, and foster green technologies in Africa

Zoom in…

Spiro, an electric vehicle company in Africa, has signed a US$50 million debt facility with the African Export-Import Bank (Afreximbank) aimed at enhancing sustainable transportation in Africa.

The Big picture

Spiro, with over 14,000 bikes, and over 9 million swaps in five countries in Africa, aims 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 include battery swapping and direct charging. 

What they are saying…

In a statement, Kaushik Burman, CEO of Spiro stated “This partnership with Afreximbank is a pivotal development for 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.” 

The deal was signed in Kigali, Rwanda during the Africa CEO Forum, featuring Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Intra-African Trade and Export Development Bank, Afreximbank. 

The funds will be utilized to further expand Spiro’s network of automated swap stations and introduce new electric bike models, enhancing the accessibility and convenience of green mobility solutions. 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.

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,” said Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank.

By the Numbers

Recently, the firm partnered with the Government of Kenya to deploy over a million electric vehicles (EVs) throughout Kenya to help Kenya transition from traditional internal combustion engine bikes to electric variants offering myriad benefits, especially pertinent for the “last mile” of travel. This change is poised to curtail greenhouse gas emissions and provide a sustainable solution for Kenya’s transportation challenges.

It also has partnerships with the Ugandan government to substitute fuel-based boda-bodas, with electric motorbikes.

Spiro has rapidly penetrated the African e-mobility market and is present in Benin, Togo, Rwanda, and Uganda. The company has successfully introduced nearly 10,000 electric bikes. These EVs have cumulatively provided over 90 million km of eco-friendly travel, preventing over 5,000 tons of CO2 emissions.

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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