EV Company Spiro Secures USD 50 M Debt Facility

Spiro has announced the signing of a USD 50 M debt facility with the African Export-Import Bank (Afreximbank). The agreement was signed during the Africa CEO Forum in Kigali, Rwanda. The funds will be used to expand Spiro’s battery swap stations and also introduce new electric bike models. 

Kaushik Burman, Spiro’s CEO, emphasized the significance of the collaboration with Afreximbank, stating, “This partnership is a major milestone for Spiro. The USD 50 M investment will substantially bolster our operational capacity, enabling us to expand our reach across the African continent. This demonstrates a strong belief in our business model and our commitment to fostering sustainable growth in 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. 

Since its launch in 2019 by Jules Samain, Spiro has manufactured nearly 10,000 electric bikes and has operations in nations like Benin, Togo, Rwanda, and Uganda. The company has developed an infrastructure for renewable energy, with about 350 battery swapping and charging stations set up throughout Africa.