Spiro Revs Up with $50 Million Boost from Afreximbank

Spiro Revs Up with $50 Million Boost from Afreximbank

By Staff Writer, 20 May 2024

Spiro, Africa's foremost electric vehicle (EV) company, has secured a substantial financial injection of $50 million through a debt facility from the African Export-Import Bank (Afreximbank).

The agreement was formalized during the Africa CEO Forum held in Kigali, Rwanda, underlining Spiro's commitment to advancing sustainable transportation solutions across the continent.

With operations spanning five African nations, Spiro is poised to bolster its fleet of electric motorcycles and fortify its battery-swapping infrastructure.

Boasting a fleet of over 14,000 electric bikes and facilitating more than 9 million battery swaps, Spiro has emerged as a frontrunner in Africa's burgeoning electric mobility sector.

Kaushik Burman, CEO of Spiro, underscored the significance of this new financial backing, stating, "This $50 million facility from Afreximbank will greatly enhance our capabilities and allow us to extend our operations to more countries. It is a strong validation of our business model and our commitment to sustainable development."

Afreximbank, renowned for its efforts in promoting African trade and economic progress, views this investment as aligned with its broader objectives.

Kanayo Awani, Executive Vice President at Afreximbank, remarked, "Supporting Spiro is part of our strategy to foster green technologies and sustainable innovation in Africa. This partnership will accelerate the adoption of electric vehicles and improve transportation infrastructure across the continent."

Source: Ayoola Olaitan / Nairametrics

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