Spiro, an electric vehicle company, has secured a $50 million debt financing agreement with Afreximbank to accelerate its expansion into Cameroon and Morocco this year. This funding will be utilized to enhance Spiro’s network of automated swap stations and introduce new electric bike models, making green mobility solutions more accessible and convenient. Spiro’s CEO, Kaushik Burman, emphasized that this debt facility will significantly bolster the company’s operational capabilities and facilitate its growth into more African countries.
This development comes shortly after Spiro partnered with Max, a startup dedicated to democratizing access to vehicle ownership, to advance the adoption of electric vehicles and promote sustainable transportation solutions across Africa. With a fleet of over 14,000 bikes operating in six African countries—Nigeria, Ghana, Kenya, Uganda, Togo, and Benin—Spiro aims to create an integrated EV ecosystem that reduces environmental impact while improving urban mobility. This includes extensive charging infrastructure development, featuring both battery swapping and direct charging options.
In addition to its recent funding, Spiro’s collaboration with the Ogun State government in Nigeria to establish swap stations for electric motorcycle batteries and the $63 million loan from GuarantCo and Société Générale to expand its fleet and infrastructure in Benin and Togo highlight the company’s commitment to driving electric mobility in Africa. Spiro’s strategic partnerships and investments underscore its mission to accelerate the adoption of electric vehicles and enhance sustainable transportation across the continent.
