Spiro, the leading electric vehicle company in Africa, is thrilled to announce the signing of heads of terms for a substantial $50 million debt facility with the African Export-Import Bank (Afreximbank).
This monumental agreement was formalized in Kigali during the Africa CEO Forum, underscoring Spiro’s dedication to advancing sustainable transportation across the continent. The signing ceremony was graced by Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Executive Vice President of Afreximbank.
As Africa’s foremost Electric Vehicle (EV) enterprise, Spiro boasts a fleet of over 14,000 bikes and has conducted more than 9 million swaps across five countries. Operating extensively across multiple African nations, Spiro’s mission is to mitigate environmental impact, enhance urban mobility, establish an integrated EV ecosystem, and develop a comprehensive charging infrastructure, encompassing battery swapping and direct charging.
Afreximbank, renowned for its pivotal role in catalyzing the consistent expansion and diversification of African trade, has been instrumental in fostering economic development throughout the continent. The bank’s support for Spiro not only underscores the potential of green technologies in Africa but also aligns with its broader strategy to promote environmental sustainability and economic resilience.
“This partnership with Afreximbank marks a transformative milestone for Spiro,” remarked Kaushik Burman, CEO of Spiro. “The $50 million debt facility will substantially bolster our operational capacities and enable us to extend our presence to additional African countries. It reflects confidence in our business model and our commitment to sustainable development in Africa.”
Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank, Afreximbank, expressed enthusiasm about the collaboration:
“Our partnership underscores our dedication to fostering sustainable innovation and green technologies in Africa. The future of transportation lies in electric vehicles, and as demand for clean energy solutions escalates, supporting companies like Spiro becomes imperative for accelerating the adoption of electric vehicles and reducing carbon emissions. This collaboration not only resonates with our values of sustainability and responsible banking but also reaffirms our belief in the transformative power of innovation to create a better world for future generations.”
According to a statement by Spiro, the funds will be channeled towards expanding the company’s network of automated swap stations, introducing new electric bike models, and enhancing the accessibility and convenience of green mobility solutions.
Spiro is proud to affirm that the collaboration with Afreximbank signifies a significant milestone in its journey towards a greener future.
Equitane, a dynamic conglomerate deeply committed to fostering progress in Africa and beyond, is an ardent supporter of this new venture. Anish Jain, Group CEO of Equitane, voiced his endorsement for Spiro’s advancement, stating:
“This partnership with Afreximbank marks a significant stride in Spiro’s journey. As part of the Equitane Group, Spiro epitomizes our dedication to pioneering solutions that foster sustainability and economic growth. We are delighted to witness Spiro take this remarkable leap 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, a deal aimed at expanding the company’s footprint in Benin and Togo.
