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SPIRO Secures $50M From Afreximbank to Boost Sustainable Transportation in Africa

Spiro secures funds to further expand its network of automated swap stations and introduce new electric bike models, enhancing the accessibility, and convenience of green mobility solutions in Africa.

During the Africa CEO Forum in Kigali, Rwanda, electric vehicle company, Spiro signed heads of terms for a USD$50 million (approx. UGX187.6 billion) debt facility with the Afreximbank to enhance sustainable transportation in Africa.

During the signing, Spiro’s CEO, Kaushik Burman stated that the partnership with Afreximbank is a pivotal development for Spiro. “The USD$50 million debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries.” He added, “It’s a testament to the confidence in our business model and contribution to sustainable development in Africa.”

The funds will be utilized further to expand Spiro’s network of automated swap stations and introduce new electric bike models, enhancing the accessibility, and convenience of green mobility solutions. As Spiro continues to lead the charge in transforming Africa’s transport ecosystem, this partnership with Afreximbank marks a significant milestone in the journey towards a greener future.

Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank expressed enthusiasm about the partnership. In her remarks, she said the partnership affirms their commitment to fostering sustainable innovation and green technologies in Africa.

“We are happy to support Spiro through this facility which will accelerate the adoption of electric vehicles and enhance transportation across Africa,” said Awani. “This collaboration reaffirms our belief in the power of innovation to create a better world for future generations.”

Spiro is one of the largest electric vehicle companies in Africa, with over 14,000 electric 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.

Anish Jain, Group CEO of Equitane also expressed his support for this new venture, stating, “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.”

Afreximbank has been instrumental in fostering economic development across Africa. 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.

The official signing ceremony featured Spiro’s CEO; Mr. Kaushik Burman, and Ms. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank.

ALSO READ: SPIRO, GOV’T SIGN MOU TO DEPLOY ELECTRIC MOTORBIKES TO REDUCE HARMFUL EMISSIONS

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Joan Banura

Joan Banura is an aspiring journalist with a passion for all things tech. She is committed to providing insightful and thought-provoking content that keeps our readers informed and engaged.
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